You are here: Home » News-CM » Economy » News
Business Standard

BBIN Motor Vehicles Agreement Regains Momentum

Capital Market 

Bangladesh, and have agreed on the text of the operating procedures for passenger vehicle movement in the sub-region under the Bangladesh-Bhutan-India-(BBIN) Motor Vehicles Agreement (MVA) signed in June 2015, and will soon complete the internal approval processes for signing of the The participating countries have also agreed to conduct more trial runs for cargo vehicles under the agreement. High-level officials of the three countries discussed the implementation of the MVA at a meeting held on 10-11 January in Bengaluru, convened and chaired by the (MoRTH) of the Government of A Bhutanese official delegation also attended the meeting as observers.

The landmark MVA was signed by Transport Ministers of the countries in Thimphu, on 15 June 2015. Trial runs for cargo vehicles under the MVA were conducted along the Kolkata-Dhaka-and Delhi-Kolkata-routes in the past. The trials were successful in establishing the Agreement's economic benefits.

Bangladesh, India, and have already ratified the MVA and have agreed to start implementation of the MVA among the three signatory countries, with joining after it ratifies the Agreement.

I am encouragedby the strong commitment of the countries to move forward on the MVA initiative, says Ms. Dakshita Das, MoRTH Joint Secretary and will do its best to make the MVA successful, making it a key instrument in accelerating cross-border trade and economic integration in the subregion, she said.

The Asian Development Bank(ADB) has been providing technical, advisory, and financial support to the MVA initiative as part of its assistance to the Subregional Economic Cooperation (SASEC) program, a projects-based economic cooperation initiative that brings together the BBIN countries, Maldives, and more recently, ADB is the secretariat of SASEC.

Meeting participants agreed on the text of the passenger protocol, the document detailing procedures for cross-border movement of buses and private vehicles, to be signed by the three countries after completing necessary internal approval processes in their government. The delegations also agreed to continue to conduct trial movement of cargo vehicles along scheduled routes from April 2018 onwards, before finalizing the protocol for cargo vehicular movement. All participating country delegations described the meeting as a major milestone in regaining the momentum of transport facilitation in the sub-region.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 15 2018. 18:10 IST