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Free Trade Agreement In Nepali

December 9th, 2020 in by admin

The Government of India and Her Majesty`s Government Nepal (hereafter referred to as contracting parties), driven by the desire to maintain, develop and strengthen existing friendly relations and cooperation between the two countries, recognizing that Nepal, as a landlocked country, needs freedom of transit, including permanent access to the sea and sea , and recognizing the need to facilitate transit traffic through their territories, have decided to extend the validity of the existing transit contract, with mutually agreed amendments and have appointed the following persons as agents to this end. The Indian government and Her Majesty`s Government Nepal (hereafter referred to as parties). Keen, in order to preserve good neighbourliness through mutually beneficial measures at their common border, which is for the free movement of people and goods. Nepal has ratified the South Asian Association for Regional Cooperation (SAARC) agreement on a South Asian Free Trade Area (SAFTA). Under SAFTA, ASAC`s eight countries (Nepal, Bhutan, India, Bangladesh, Pakistan, Sri Lanka, Maldives and Afghanistan) have committed to reducing product-specific tariffs and more than 5,000 items are eligible for preferential tariff treatment in participating countries. However, the long “negative list” of products excluded from preferential tariff treatment under the SAFTA has limited the impact of the agreement on regional trade. While acknowledging that there is a long and open border between the two countries and the free movement of people and goods across the border and that nothing they have the right to pursue is an independent trade policy, one of them agreed that one of them would take all necessary measures to ensure that the economic interests of the other party are not affected by unauthorized trade between the two countries. Nepal has signed bilateral trade agreements and agreements with seventeen countries, including the United States, the United Kingdom, Yugoslavia, India, Russia, South Korea, North Korea, Egypt, Bangladesh, Sri Lanka, Bulgaria, China, the Czech Republic, Pakistan, Romania, Mongolia and Poland.

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