Bhutan and Nepal to sign trade treaty
Nepalese Minister for Commerce and Supplies Sunil Bahadur Thapa said his country is planning to sign a trade treaty with Bhutan to promote bilateral trade.
“Bhutan is our potential market, but we have not yet signed any treaty to promote trade,” local media report quoted him saying.
The two countries have agreed to sign a treaty, for which both sides are working on the list of tradable products.
According to the statistics from Nepal’s Trade and Export Promotion Centre, in 2013, Bhutan imported goods worth NRs 89.68 million in 2013 from Nepal while it exported NRs 217.48 million worth of goods.
In 2012, Bhutan’s import from Nepal worth NRs 264.61 while export to Nepal worth NRs 695.41.
The trade between the two countries, so far, is based on indirect trade agreements like Bay of Bengal Initiative for Multi-Sector Technical and Economic Cooperation (BIMSTEC) and South Asian Free Trade Agreement (SAFTA).
Bhutan’s major imports from Nepal include handicrafts and noodles whereas Bhutan exports agro-based products like fruits and vegetables, mainly tomatoes and potatoes, to Nepal.