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Kathmandu, Nepal: Going contradictorily to the expectation of the Nepali people particularly the business communities, the Nepal-India Trade Treaty has been extended for another seven years without any changes in the existing treaty.
It was highly expected that the treaty, which was revised on October 27, 2009, would be revised during the ongoing joint commission meetings that concluded on Thursday in New Delhi of India.
There was debate in Nepal that the treaty would be revised as per the changing situation. As some LoEs were developed for the protocol amendment of the 2009 treaty, the ongoing meeting was believed to address the pending LoEs.
Though the treaty should have renewed automatically for the next seven years as per the provisions of the treaty nothing is changed, said an official of the Ministry of commerce.
The joint commission meetings led by the foreign ministers of both countries Nepal and India on October 26 and 27 had also noted the automatic renewal of the bilateral trade treaty.
As per the current provision of the treaty, Nepal cannot extend preferential market access to any country, even on a reciprocal basis.
