India-Nepal Economic Partnership Summit 2024 to boost bilateral trade

KATHMANDU: The Startup Network (Nepal) supported India-Nepal Economic Partnership Summit 2024 organised by India-Nepal Centre of the PHD Chamber of Commerce and Industry (PHDCCI) in Bhairahawa, Rupandehi district, on Tuesday. 

The third edition of the summit aimed to foster discussions on the bilateral economic partnership agenda and open new avenues of business engagements in key sectors of the economy.

Delegations from Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Confederation of Nepalese Industries (CNI), Nepal Chamber of Commerce (NCC), and Nepal-India Chamber of Commerce and Industry (NICCI) attended the summit. The discussions aimed to open new avenues of business engagements in key sectors of the economy and boost trade near Nepal-India border in Bhairahawa, a significant economic hub of Nepal.

According to the organisers, the summit successfully created a platform for deeper economic engagement between both countries, focusing on challenges such as remittance, imports, exports, and Balance of Payment (BoP). The summit also discussed ways to channel investment from India to Nepal and vice versa, and to re-establish India-Nepal bilateral relations as the core strength of sub-regional cooperation in South Asia.

Key takeaways from the summit included the creation of sustained convergence of industry and government to thrive on mutually beneficial India-Nepal bilateral relations in all crucial realms. The summit also highlighted the improved trade and transit system with the Integrated Check Post (ICP) and other progressive regulatory provisions.

Former Indian Ambassador to Nepal and Chair of India-Nepal Centre, PHDCCI, Manjeev Singh Puri, set the tone of the Summit. He emphasised the need for a collaborative approach among stakeholders in the government and industry. He asserted that tapping into the rich potential and coping with the challenges in post-pandemic times through India-Nepal economic cooperation is essential.

Former Ambassador Puri also highlighted the Summit's key aims, including a new roadmap for accelerating India-Nepal bilateral cooperation, promoting industrial development in Nepal and India, revisiting bilateral trade policies, expanding bilateral and sub-regional economic cooperation, and improving border area development and connectivity.

Participants at the Summit also discussed identifying areas to further improve connectivity, enabling smooth trade and transit. They highlighted the hidden potential in the Border Area Development Programme and discussed paving the way for India's significant involvement in helping the infrastructural uplift of Nepal's bordering districts in Uttar Pradesh, making them the gateways of the India-Nepal Trade Connection.

The one-day summit was moderated by Atul K Thakur, Secretary, India-Nepal Centre, PHDCCI. The organisers stated, "The well-timed second edition of the 'India-Nepal Economic Partnership Summit 2024' concluded, fostering border trade with emphasis on bilateral and sub-regional economic cooperation, and providing business linkages and partnerships in Bhairahawa."

The previous editions of the summit, organised on May 18 and December 20 last year in Birgunj, Parsa, proved to be historically successful, significantly enhancing the bilateral economic relations between both countries.

By RSS/ANI