FNCCI is All for Revised Trade Treaty

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) today welcomed the revised Trade Treaty signed between Nepal-India. "It will expand the trade and investment in Nepal," said the umbrella organisation of the Nepali private sector.

Prime Minister Madhav Kumar Nepal's recent five-day visit to India has revised the Trade Treaty.

"The PM's interaction with Indian businessmen and entrepreneurs has also broadened the horizon of Indian investment in Nepal," it said.

With the new Trade Treaty a new trade era would begin, hoped FNCCI that has, along with other trade and commerce related organisations, calling for an equal status treaty since long.

Nepal-India Trade Treaty of 1996 is considered a milestone in trade promotion and Indian investment in Nepal.

Th revised treaty has been signed tentatively and it is hoped that it will simplify Nepal-India trade.

However, FNCCI voiced concern over the four per cent additional tax that wil hit Nepali garment exports. "If the treaty is followed in its spirit, Nepal can gain a lot," said FNCCI, Nepal Chambers of Commerce (NCC) and other business and trade-related organisations.