For this, a memorandum of understanding was signed between Nepal and India in New Delhi, India on Wednesday.
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Now, the two countries will have to exchange information with each other before the arrival of goods to be exported between Nepal and India. For this, a memorandum of understanding was signed between Nepal and India in New Delhi, India on Wednesday. It has been named 'Memorandum of Understanding on Exchange of Information between Nepal and India on Pre-Arrival of Goods to be Exported'.
The MoU was signed by Shyam Prasad Bhandari, Director General of the Customs Department, on behalf of Nepal, and Vivek Chaturvedi, Chairman of the Central Board of Indirect Taxes and Customs (CBIC), on behalf of India. At the signing ceremony, CBIC Chairman Vivek Chaturvedi expressed his commitment for the early implementation of the MoU. Four people, including the Director General of the Customs Department, were present on behalf of Nepal, and the Chairman of the CBIC and other members on behalf of India.
This understanding will help strengthen the relationship between the customs administrations of the two countries and exchange pre-arrival data on exported goods. After receiving the export data, potential risks can be regulated and analyzed. The Customs Department has stated that this will further facilitate the businessmen who do the right thing and help make customs clearance faster, faster and easier.
It has been an international practice to exchange pre-arrival information on exported goods between major trading partner countries to facilitate trade through risk management and facilitate trade.
A draft MoU was prepared in collaboration with India's Central Board of Indirect Taxes and Customs and the Customs Department to arrange for advance exchange of data on exported goods with Nepal's major trading partner, India. The draft was finalized after discussions with all stakeholders. The MoU was approved by the Government of Nepal (Council of Ministers) and authorized to sign by the Director General of the Customs Department. The signing was carried out on Wednesday.
‘The MoU stipulates that customs control and trade facilitation will be made more effective through risk analysis, that the time taken in customs procedures will be reduced and international trade will be ensured, that export data will be exchanged electronically within the limits set by national laws, and that information will be used only in accordance with the MoU,’ said Kishor Bartaula, spokesperson for the Customs Department. ‘There is also a provision to designate a liaison officer for the implementation of the MoU, that it will be implemented as a model for the specified items agreed upon between both parties and then implemented for all items, that if there is a dispute in the implementation of the issues mentioned in the MoU, it will be resolved through diplomatic channels by mutual agreement, and that the MoU can be amended by mutual agreement.’
