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Mahesh

09/03/22 20:06 PM IST

India, Bangladesh, Nepal finalise MoU to boost trade and connectivity

In News
  • India, Bangladesh and Nepal finalised an enabling memorandum of understanding (MoU) for implementing the long-gestating Bangladesh-Bhutan-India-Nepal (BBIN) Motor Vehicles Agreement (MVA) that is aimed at boosting regional trade and connectivity.
  • Bhutan has already announced that it is unwilling to sign this agreement.
Details 
  • The BBIN connectivity project was conceived after the South Asian Association for Regional Cooperation (Saarc) failed to agree on a regional motor vehicles agreement at a summit in Nepal in 2014, mainly because of opposition from Pakistan.
About MVA
  • The original BBIN MVA was signed by all four countries in June 2015, but after objections in Bhutan over sustainability and environmental concerns, the Bhutanese parliament decided not to endorse the plan.
  • As per the agreement, member countries would allow vehicles registered in the other countries to enter their territory under certain terms and conditions. Customs and tariffs will be decided by the respective countries and these would be finalised at bilateral and trilateral forums.
  • Asian Development Bank has supported the project as part of its South Asian Subregional Economic Cooperation programme.
Source- Hindustan Times 

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