Jaswant Singh for enhanced bilateral trade relations

BY A STAFF REPORTER

Kathmandu, Aug. 18: A delegation headed by FNCCI President Ravibhakta Shrestha met today with the visiting Indian Foreign Minister Jaswant Singh and requested the Indian Foreign Minister for the continuation of the 1996 Trade Treaty between the two countries.

During the talks, the Indian Foreign Minister pointed at the cooperation between the Confederation of Indian Industries (CII) and the Federation of Nepalese Chamber of Commerce and Industries (FNCCI) and their efforts towards promoting trade and economic relations. Besides, he expressed confidence that the trade relations between the two countries would grow further.

Singh also said that the two private sector organisations should make special efforts towards for improving trade and economic relations for a long term.

The FNCCI President stressed that the Treaty has brought qualitative improvement in trade and economic relations between the two countries. Shrestha said after the treaty was signed, Nepal’s export to India has increased by Rs. 4.62 billion and India’s export to Nepal has increased by Rs. 4.37 billion annually.

Nepal still has a trade deficit of about Rs. 22 billion with India every year.

Apart from this, Shrestha said that there has been an increase of joint investment in Nepal with the brightening of the prospect of joint investment in beneficial sectors like hydro-power, information technology. Thus, he said, the treaty needs to be continued. He also express confidence that both Nepal and India have resolved any problem that has come up in the implementation of the treaty and they would be able to do so in the future also.

The FNCCI delegation also included its former President Dr. Padma Jyoti, First Vice President Binod Bahadur Shrestha, Second Vice President Rajendra Khetan and Chairman of Nepal-India Chamber of Commerce Rukma Shumsher Rana.

Meanwhile, according to a FNCCI source, the delegation asked the Indian Foreign Minister to deal with any problem that might come up, but let the treaty continue with the spirit of 1996, when it was signed, for at least another five years before it is reviewed. It also said the Indian Foreign Minister sounded positive towards Nepal’s concern.

It also said the Indian side raised a concern that other countries might also ask for the same facilities as the treaty has accorded to Nepal. But the FNCCI delegation said that it was because of the special relationship between Nepal and India that such facilities are given to Nepal.

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