Seeking strong support from India: Nepal

They are looking forward to the visit of PM Modi as both the countries can work together to enhance trade and economic development

Seeking a strong support from India, Nepal today said it is looking forward to the visit of Prime Minister Narendra Modi as both the countries can work together to enhance trade and economic development.

"We are looking forward to welcome him because he has come up with a new theory of economic development as his top most priority in India as well as in the SAARC nations.

"We think that India and Nepal can work together for economic growth and development to enhance and to facilitate our trade and economic system," Nepalese Minister of Commerce and Supplies Sunil Bahadur Thapa told PTI.

Thapa said that during the Modi's visit there is also a possibility of signing of some MoUs and agreements to further boost trade and investment between the two nations.

Modi is scheduled to arrive Kathmandu on August 3 on a two-day visit at the invitation of Nepalese Prime Minister Sushil Koirala. An Indian Prime Minister will be visiting Nepal after a gap of 17 years.

The Nepalese Minister also said that their local businessmen wants greater market access in India.

In his meeting with Finance Minister Arun Jaitley yesterday, Thapa raised the issue of taxation of its goods in India.

"There is a tax issue. These are extra tax that has been levied on Nepalese product. I have raised this issue with the Finance Minister of India. Scraping of the Cenvat will facilitate Nepalese people to export (more) items into India and that will also help Nepal to some extent in reducing trade deficit," he said.

Bilateral trade between the two countries increased from USD 3.63 billion in 2012-13 to USD 4.11 billion in 2013-14. The trade gap is in the favour of India.

Thapa said that to further boost trade and investment, both the sides can enhance cooperation in areas like power, infrastructure and services sector.

He added that they would like to see a strong support from India in drafting their constitution.

Yesterday, he also met members of the industry body Ficci and discussed ways to enhance economic ties.