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Kathmandu, Jan 22: Nepal and India have signed a memorandum of understanding to exchange advanced information on goods exported between the two countries. The agreement aims to make trade easier and customs control more effective and is expected to add a new dimension to bilateral economic ties.

The MoU was signed at a formal event in New Delhi on Wednesday, Magh 7. On Nepal’s side, Director General of the Department of Customs Shyam Prasad Bhandari signed the document, while Vivek Chaturvedi, Chairperson of India’s Central Board of Indirect Taxes and Customs, signed on behalf of India. Approved by Nepal’s Council of Ministers, the agreement was finalized after discussions among relevant stakeholders from both countries.

Once put into effect, the arrangement is expected to cut trade costs through risk management practices in line with international norms and reduce delays at border points. Commenting on the agreement in a Facebook post, Finance Minister Rameshwar Khanal said that its implementation would improve customs facilitation and help control revenue leakage.

Speaking at the signing ceremony, Director General Bhandari said the understanding would further strengthen cooperation between the customs administrations of the two countries. He stressed the need for early implementation.

From the Indian side, CBIC Chairperson Vivek Chaturvedi said he was pleased to enter into such an agreement with Nepal and expressed full commitment to its swift execution. Senior customs officials from both countries were present at the event.

Key points of the understanding:
-Information on goods will be exchanged electronically before their arrival.

-Based on risk analysis, suspicious consignments will be monitored, while compliant traders will receive faster and simpler customs clearance. T

-The system aims to reduce processing time and ensure secure international trade.

-The arrangement will first be applied on a pilot basis to selected goods and, after successful results, will be expanded to cover all goods.

-If any disputes arise during implementation, they will be resolved through diplomatic channels by mutual consent. The agreement may also be amended as needed.

People’s News Monitoring Service