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India will be signing a revised trade pact with Nepal next week. Along with this, a deal for implementing a restriction on unauthorised trade from a third nation will also be signed. The deals, which had been finalised during the visit of Nepali Prime Minister Madhav Kumar Nepal, will be signed in Kathmandu.
The deal will be inked by Indian Commerce Minister Anand Sharma, and his Nepali counterpart, Rajendra Mahato. Sharma will be reaching Kathmandu on Oct 27 on a two-day itinerary for participating in the SAARC meeting.
Sharma will attend the SAARC meet to discuss the South Asian Free Trade Area agreement signed by the member countries in Islamabad in 2004.
The trade treaty will upgrade the 1991 treaty with the tenure expanded to 7 years whereas the new unauthorised trade control treaty will replace the 1996 draft.
India remains Nepal's largest trading partner and during the prime minister's visit, both sides agreed that enhancing bilateral trade would be given priority by both.
