India-Nepal Economic Partnership Summit 2024 Spurs Bilateral Engagement

India-Nepal Economic Partnership Summit 2024 Spurs Bilateral Engagement

VoM News Desk | March 7, 2024 | 11:24 AM IST | India, Nepal, World | Follow on Google News

India-Nepal Economic Partnership Summit 2024 Spurs Bilateral Engagement/ANI

India-Nepal Economic Partnership Summit 2024 Spurs Bilateral Engagement

The third edition of the India-Nepal Economic Partnership Summit 2024, organized by the India-Nepal Centre of the PHD Chamber of Commerce and Industry (PHDCCI), convened in Bhairahawa, Nepal, on March 5. The summit provided a crucial platform for discussing and expanding the bilateral economic partnership agenda, fostering business engagements in key sectors of the economy.

Key Participants and Collaborative Deliberations

Participation from key organizations such as the Federation of Nepalese Chambers of Commerce and Industries (FNCCI), the Confederation of Nepalese Industries (CNI), the Nepal Chamber of Commerce (NCC), and the Nepal-India Chamber of Commerce and Industry (NICCI) highlighted the collaborative effort in boosting economic ties. Deliberations focused on challenges like remittance, imports, exports, and Balance of Payment (BoP), aiming to strengthen economic collaboration near the India-Nepal border.

Facilitating Investment and Strengthening Relations

The summit successfully fostered discussions on channeling investment between India and Nepal, re-establishing bilateral relations, and addressing post-pandemic challenges through economic cooperation. It emphasized sustained convergence between industry and government to harness the potential of India-Nepal bilateral relations, highlighting improved trade and transit systems, including the Integrated Check Post (ICP) and progressive regulatory provisions.

Roadmap for Accelerating Cooperation

Manjeev Singh Puri, India’s Former Ambassador to Nepal and Chair of India-Nepal Centre, PHDCCI, underscored the importance of a collaborative approach. The summit aimed to create a roadmap for accelerating India-Nepal bilateral cooperation, promoting industrial development, revisiting trade policies, expanding economic cooperation, and enhancing border area development and connectivity.

Exploring Connectivity and Border Area Development

The participants discussed the identification of areas for improving connectivity, facilitating smooth trade and transit. The summit emphasized the potential in the Border Area Development Program, seeking India’s involvement in enhancing infrastructure in Nepal’s bordering districts in Uttar Pradesh, making them gateways for India-Nepal trade connections.

In conclusion, the India-Nepal Economic Partnership Summit 2024 marked a significant step in fostering economic collaboration, creating business linkages, and enhancing bilateral relations between the two nations.

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