PHD Chamber signs MoUs with Nepal industry bodies

Kathmandu, August 24

In order to promote trade, technical and economic cooperation between Nepal and India,  with due observance of the laws and regulations governing trade between the two countries, the PHD Chamber of Commerce and Industry (PHDCCI)  today signed two different memorandums of understanding (MoUs) with the Management Association of Nepal (MAN) and the Confederation of Nepalese Industries (CNI)  in New Delhi.

The agreements aim to recognise the shared commitment to create more opportunities of trade and investment for both businesses at national level to further deepen the economic and trade relations between the two nations.

The MoUs were signed by Gopal Jiwarajka, president of PHDCCI with Nirvana Chaudhary, vice-president of CNI and with Sushil Bhatta, president of MAN.

The objective of the MoUs is to enhance economic cooperation between India and Nepal. “Both countries will cooperate with each other to establish and develop mutual trade relations between their respective members and also enlarge areas and scope of cooperation,” as per the statement.

MAN, CNI and PHDCCI will aim and work to identify items bearing potential for trade between Nepal and India and exchange information on specific requirements of their members.

The statement says they will promote cooperation between their respective members with regard to projects in third countries and will endeavour to identify specific areas for cooperation. They will also further assist each other in arranging reciprocal trade and market research missions, and will help each other in making beneficial business contacts as well as activities aimed at promoting mutual trade. “They will make appropriate recommendations to the respective governments, as and when considered necessary by both the Institutions, for close economic relations between the two countries.”

The MoUs aim to encourage and facilitate scientific, technical and economic relations between their respective members. Both institutions, subject to availability of funds or on cost-sharing basis, will invite intellectual and professional members to present a technical paper or participate in the national and international conferences organised by both the institutions, as appropriate, on different areas of common interest.

Earlier, PHDCCI had signed MoU with Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

PHDCCI also hosted a session with Nepali delegation, industry members and policymakers on ‘Indo-Nepal goods and service tax (GST) meet’. “As Nepal is at the cusp of a major change with its new Constitution that essentially introduces a ‘federal structure of system’, looks forward to get hands on with GST and aspires for a major tax reform, PHDCCI hosted this important session.”