Kathmandu, August 10

Business people of the country have been suggested to do intensive homework before amendment of trade treaty with India so that it would help Nepal reduce its alarming trade deficit with the southern neighbour.

Nepali Ambassador to India, Deep Kumar Upadhyay, during his brief visit to Nepal, met prominent business people of the country and discussed means of trade facilitation with India in a meeting held at Federation of Nepalese Chambers of Commerce and Industry (FNCCI) today.

Nepal and India are going to review the ‘Nepal-India Treaty of Trade’ by October 2016 for another seven years. Prior to that, Inter-Governmental Committee (IGC) meeting or commerce secretary-level talks will be held in the near future.

In the meeting with Ambassador Upadhyay, Nepali business community sought lobbying from Embassy of Nepal in India for early implementation of the agreements of the joint forums. There are many Letter of Exchanges (LoEs) that are pending since long, like using two additional routes — Jogbani (Biratnagar) and Nautanwa (Bhairahawa) — for bulk cargo movement, removing CENVAT in Nepali goods, quarantine-related issues in export of agriculture goods, among others.

Upadhyay, during the meeting, assured business people that he will take the initiative from his level to facilitate Nepali business people here and try to woo Indian investors to invest in Nepal as well.