India and Nepal on 22 December 2013 agreed to address each other's concerns on commerce and transit, including reduction of tariff barriers and checking illegal trade along the border. The decision was made during the two-day Inter-Governmental Committee meeting that concluded in Kathmandu.
The delegations of the two sides were led by the Commerce Secretaries of the two countries namely SR Rao of India and Madhav Prasad Regmi of Nepal.
India and Nepal has agreed on a 14-point agenda to enhance trade, promote co-operation and address concerns of the private sector of both the countries. Institutional arrangements will be made to facilitate the third country import and export to build infrastructure in newly identified customs points. India has also agreed to provide 10000 cows to Nepal in response to the demand of milk and dairy products of the country.
India has recognized the necessity of balancing trade to make it sustainable for both the countries. Both sides looked towards trade in goods to increase trade in services and investments for balancing trade. Both the sides were able to sort out important bilateral issues. India will also help Nepal to reduce its trade deficit.
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