KATHMANDU, SEPTEMBER 29

The Nepal-India Chamber of Commerce and Industry (NICCI) and the Bengal Chamber of Commerce and Industry (BCC&I) have marked a historic moment in economic collaboration with the signing of a memorandum of understanding (MoU) during the inaugural day of the Indo-Pacific Economic Conclave 2023 held in Kolkata, India.

The MoU, a testament to the commitment of both organisations to enhance bilateral economic relations between Nepal and India, was formally inked by Shreejana Rana, president of NICCI, and Subir Chakraborty, president of BCC&I, in a ceremony that symbolised a new era of economic cooperation, as per a press statement.

The Indo-Pacific Economic Conclave 2023, organised by the BCC&I, served as the ideal platform for this landmark agreement.

NICCI President Rana addressed critical issues facing the Indo-Pacific region.

Her speech touched on various aspects, including cargo shipment, infrastructure development, logistics optimisation, supply chain efficiency, visa regulations, and more.

In her address, Rana underscored the immense potential of the Indo-Pacific region, highlighting its economic dynamism, cultural diversity, and capacity for innovation. She emphasised the need to confront the pressing challenges that hinder the region's progress, such as infrastructure gaps, logistics inefficiencies, and the disruptive impact of the COVID-19 pandemic on supply chains.

Additionally, Rana shed light on concerns related to visa regulations, non-tariff barriers, environmental sustainability, and climate change, all of which can significantly affect cross-border trade and investment.

To address these multifaceted challenges, Rana put forth a comprehensive set of solutions. These proposals encompassed infrastructure development initiatives aimed at improving regional connectivity, simplification of trade agreements to reduce trade barriers and enhance economic integration, harmonisation of regulations to expedite cross-border trade processes, and measures to promote supply chain flexibility.

Furthermore, she advocated for the negotiation of bilateral agreements on labour movement to address labour shortages and skills gaps in various sectors.

Rana also emphasised the importance of digitalisation and e-commerce initiatives to facilitate the seamless movement of goods and services across borders, reducing paperwork and administrative burdens.

Recognising the increasing importance of environmental considerations in global trade, Rana urged for collaborative efforts to address environmental concerns and promote sustainable practices. She encouraged regional stakeholders to adopt eco-friendly trading practices and engage in responsible environmental stewardship to enhance the region's reputation as a responsible and eco-conscious trading partner.

During her address, Rana also highlighted the significance of cultural exchanges, educational programmes, and tourism as instruments to promote greater understanding and cooperation among nations.

She stressed the importance of fostering a sense of regional identity and unity as a means to bolster cooperation further.

Additionally, she emphasised the critical role of collaborative research and innovation initiatives in driving economic growth and technological advancement within the region. Rana also proposed coordinated efforts in disaster management and relief, including the establishment of early warning systems and joint response teams, to minimise the impact of natural disasters on the region's economies.

As part of the seamless connectivity agenda and to promote bilateral and regional tourism, Rana unveiled the recent release of a Coffee Table Book on Spiritual Circuits between Nepal and India. The book features five religious circuits - Ramayana, Mahabharat, Shivashakti, Buddhist, and Sikh - in both countries. Following its successful unveiling in Nepal, plans are underway for a grand launch in India, enhancing cultural exchanges and promoting tourism, the statement adds.

A version of this article appears in the print on September 30, 2023, of The Himalayan Times