India-Nepal Economic Partnership Summit Aims to Expand Business Engagements Between India And Nepal

The India-Nepal Economic Partnership Summit 2024, in its third edition, served as a platform to discuss the bilateral economic partnership agenda and explore new opportunities for business engagement across key sectors. Organized by PHD India-Nepal Chamber of Commerce and Industry (PHDCCI), the summit was held in Bhairahawa, Nepal on March 5.

Notable participants included the Federation of Nepal Chambers of Commerce and Industry (FNCCI), Confederation of Nepali Industries (CNI), Nepal Chamber of Commerce (NCC) and Nepal-India Chamber of Commerce and Industry (NICCI). The objective of the meeting was to facilitate business engagement in vital economic sectors and provide impetus to business activities near the strategic Indo-Nepal border at Bhairahawa, a key economic hub of Nepal.

The summit successfully created a platform for enhanced economic cooperation between the two nations, addressing issues related to remittances, imports, exports and balance of payments (BoP). The talks also focused on channeling investment from India to Nepal and vice versa and reaffirmed India-Nepal bilateral relations as a major force for sub-regional cooperation in South Asia.

Key outcomes included fostering continued convergence between industry and government to leverage mutually beneficial bilateral relationships. The summit highlighted progress in the trade and transit system with an emphasis on Integrated Checkpoints (ICPs) and progressive regulatory provisions.

Manjeev Singh Puri, former Indian Ambassador to Nepal and Chairman of the India-Nepal Centre, PHDCCI, emphasized the need for collaboration between government and industry stakeholders. He emphasized the importance of harnessing the rich potential and overcoming the post-pandemic challenges through economic cooperation between India and Nepal.

The key objectives of the summit included defining a new plan for accelerating bilateral cooperation, promoting industrial development in both countries, reassessing trade policies, expanding economic cooperation, and improving the development and connectivity of border areas.

Participants engaged in discussions to identify areas for better connectivity to facilitate seamless trade and transit. They also explored the potential of the Border Area Development Program and envisioned India’s significant role in supporting the infrastructure development of neighboring Nepalese districts in Uttar Pradesh and transforming them into gateways for trade links between India and Nepal.

Moderated by Atul K Thakur, Secretary, India-Nepal Centre, PHDCCI, the one-day summit aimed to boost cross-border trade and strengthen bilateral and sub-regional economic cooperation. The previous editions of the summit held in May and December last year in Birgunj proved to be historically successful in deepening economic relations between India and Nepal.