Nepal-India IGC meet soon

KATHMANDU:

Ministry of Commerce and Supplies is preparing for Nepal-India Inter Governmental Committee (IGC) meeting.

“We are making preparation for the IGC meeting this year,” said undersecretary at the ministry, Kamala Shrestha.

After the IGC meeting in 2010, the meeting has not yet been organised. “Along with the completion of the committee meeting, it will decide about the next Nepal–India Bilateral Trade Talks,” Shrestha said, adding that immediately after Prime Minister Dr Baburam Bhattarai returns Nepal, the ministry will fix the date for the meeting.

According to Shrestha, the IGC meeting that is a secretarial level meeting will discuss about a number of trade issues raised during earlier meetings.

Earlier, the ministry had organised IGC meeting to discuss trade issues last January.

The ministry is preparing for agendas that Nepal will discuss during the meeting. “After the completion of the secretarial level IGC meeting, ministry will hold discussion with private sectors to collect suggestions and trade related issues between Nepal and India,” she said, adding that the Inter Governmental Committee (IGC) meeting is organised as per the commitment of support for Nepal’s economic recovery and development given by Indian government to Nepal in 2006.

The earlier committee meetings recognised the need to widen and deepen economic ties through trade and investment in the areas like power and service sector including information technology, tourism, education and healthcare.

According to the ministry officials, the bilateral talks after the IGC meeting will be focused mainly on control of unauthorised trade between Nepal and India, rail route through Radhikapur, transit routes from Kolkata/Haldiya.

The meeting will also discuss about the increasing trade deficit, agricultural products and media, said the official.

In the first month of the current fiscal year Nepal’s total export to India stood at six times lesser at Rs 3.93 billion, whereas import stood at Rs 19.39 billion, according to the central bank.

Nepal’s main imports from India are petroleum products, motor vehicles and spare parts, machinery and spares, and medicines.

And Nepal exports mainly comprises zinc sheet, Threads, Polyester yarn, Jute goods, textiles, Juice, GI Wire, large cardamom and range of other semi-processed and processed food products to India.

Source: THT