Nepal, India sign MoU on prior exchange of information on exports and imports

Kathmandu, Jan 21: Nepal and India have signed a Memorandum of Understanding (MoU) to make prior exchange of information on exports and imports.     

In a formal event held today in New Delhi, Shyam Prasad Bhandari, the Director-General of Nepal's Department of Customs, and Vivek Chaturvedi, the Chairman of India's Central Board of Indirect Taxes and Customs (CBIC), signed the memorandum of understanding to that effect.     

This initiative aligns with international standards, allowing major trading partner nations to exchange data in advance regarding exported goods to enhance trade efficiency.     

In line with this practice, a draft MoU was collaboratively developed by India's CBIC and Nepal's Department of Customs, aimed at facilitating the advance exchange of export data.     

After consultations with relevant stakeholders, the Nepal government approved the finalized MoU and authorized the Director General to sign it.     

The MoU aims to enhance customs control and trade facilitation through risk analysis, thereby reducing the time needed for customs procedures to ensure secure international trade.     

It also includes provisions for the digital exchange of export data within the constraints of national law, stipulates that the information will be used strictly according to the MoU, designates contact officers for implementation, and outlines a phased approach to initially implement it on selected goods as samples.     

Tanka Prasad Pandey, spokesperson of the Ministry of Finance, stated that if any disputes arise during the implementation phase, there are mechanisms in place for resolution through diplomatic channels by mutual consent, as well as provisions for amendments through mutual understanding.     

During the event, Director General Bhandari stressed the importance of prompt implementation, asserting that this initiative would further strengthen trade relations.     

Similarly, CBIC Chairman Vivek Chaturvedi mentioned that he was pleased with the signing of such an important memorandum of understanding with Nepal and stated that the Government of India is fully committed to its prompt and effective implementation.(RSS)