The Kolkata Customs of the Government of India has granted an 84.33% subsidy for Nepali cargo duty insurance. Nepali importers were also provided the flexibility to buy insurance from private companies beginning 12 September.
Tags: Nepal, India, Trade Facilitation, Transit Facilitation
The Nepal Rastra Bank, the central bank of Nepal, has allowed commercial banks to issue payment instruments in foreign currency for cargo transported by railway to the Birgunj dry port and Biratnagar customs point. The move aims to facilitate the implementation of the electronic cargo tracking system for third country import.
Tags: Electronic Cargo Tracking System, India, Nepal, Rail, Transit Facilitation
The Governments of Nepal and India are preparing to launch the Electronic Cargo Tracking System (ECTS) as soon as possible. It received the green light from Nepal's Council of Ministers in January 2018. The planned pilot will run for three months, covering cargo entering Nepal by rail in Birgunj and by road in Biratnagar and Bhairawa. ADB is supporting the piloting of the project through the SASEC Program.
Tags: Nepal, ADB, SASEC, India, Transit Facilitation, Electronic Cargo Tracking System
The new Agreement on Trade, Commerce, and Transit between India and Bhutan has come into force beginning 29 July 2017. It provides for a free trade regime between the territories of India and Bhutan, and allows duty free transit of Bhutanese goods for trade with third countries.
Tags: India, Bhutan, Trade, Free Trade Agreement, Transit Facilitation, Transport
India Prime Minister Narendra Modi and Nepal Prime Minister KP Sharma Oli—on his first state visit since assuming office in October 2015—held comprehensive talks in New Delhi, and witnessed the signing of several agreements, including letters of exchange on transit and rail. These agreements will help promote Nepal's trade with third countries by making transport more efficient and less costly.
Tags: India, Nepal, Trade Facilitation, Transit Facilitation