Kathmandu, Oct 17: Minister for Commerce, Romi Gauchan Thakali, has underscored the need for finalizing and implementing the BIMSTEC Free Trade Area Framework Agreement so that it could positively contribute towards enhancing trade and economy of least developed and developing countries in the region.
Minister Thakali made the remarks during the BIMSTEC Business Summit held on the sidelines of the BRICS and BIMSTEC Summit in Goa, India.
Stating that BIMSTEC was still the weakest when it came to integration of trade and economy, the Commerce Minister cautioned that such status was not benefiting the least developed countries of the region. He insisted on effective implementation of the framework agreement to promote interconnectivity among the member countries in trade, investment and service sector.
Minister Thakali headed to Bangladesh following the Summit and on Sunday held bilateral talks with Bangladesh’s Commerce Minister, Tofail Ahmed. On the occasion, both discussed Bangladesh and Nepal’s investments, promotion of bilateral trade and the need to reform the trade infrastructure.
The two ministers also agreed on finalizing an agreement to allow 108 Nepali items duty free access to Bangladeshi market and giving concessional customs duty facility to 50 items imported to Nepal from Bangladesh, Commerce Ministry’s statement reads.
In the meeting, the ministers pressed for bringing into force the Motor Vehicle Movement Agreement between Bangladesh, Bhutan, India and Nepal at the earliest. RSS
