Sunday April 22, 2018
Home Uncategorized Motor Vehicle...

Motor Vehicle Agreement signed between India, Bhutan, Bangladesh and Nepal to ease cross- border movement

0
//
293
picture: www.ekantipur.com
Republish
Reprint

saarc10

Thimpu: India, Bhutan, Bangladesh and Nepal on Monday signed a far-reaching agreement here that will enhance regional connectivity by facilitating seamless movement of people, goods and vehicles among the four nations, with the first phase set to begin in October.

The Transport Ministers of the four countries inked the Motor Vehicles Agreement for the Regulation of Passenger, Personal and Cargo Vehicular Traffic between Bangladesh, Bhutan, India, and Nepal (BBIN MVA).

India was represented at the meeting by Road Transport and Highways Minister Nitin Gadkari.

“This (BBIN MVA) would enable the exchange of traffic rights and ease cross-border movement of goods, vehicles, and people, thereby helping expand people-to-people contact, trade, and economic exchanges between our countries,” a joint ministerial statement later said.

According to the statement, all the four countries will endeavour to carry out a six-month work-plan from July to December 2015 for the implementation of BBIN MVA. The staged implementation of the project is slated from October 2015.

During the meeting, Gadkari, who also hold charge of the shipping ministry, said: “We understand our advantage of linking with all our neighbours. Simultaneously, we recognise our additional responsibility to accommodate our neighbours’ concerns.”

“We are and will remain flexible enough to address various challenges faced by our neighbouring countries and are always ready to support their initiatives to bridge various deficits.”

Under the work-plan for project implementation, the formalisation of the BBIN MVA is expected to be completed by August. The installation of project pre-requisites like IT, infrastructure, tracking and regulatory systems are scheduled by December 2015.

The joint statement called BBIN MVA a complementary instrument to existing transport agreements at the bilateral levels between the four countries. This, it said, will continue to be honoured by the contracting parties.

The statement further said that the protocol is also a result of strong determination expressed by the leaders of the eight-nation South Asian Association for Regional Cooperation (SAARC) at their 18th summit in Kathmandu in November last year to deepen regional integration.

The leaders also noted with concern, the poor merchandise trade under the free trade pact, which amounted to a mere $3 billion since July 2006.

“We further recall their renewed commitment to substantially enhance regional connectivity in a seamless manner through building and upgrading roads, railways, waterways infrastructure, energy grids, communications and air links,” the joint statement added.

The joint statement’s reference to the SAARC MVA assumes significance as the stalled agreement prompted the 18th summit to encourage member states to initiate regional and sub-regional steps to enhance connectivity. The BBIN MVA is the culmination of that development.

Gadkari announced in the meeting that a major breakthrough has also been achieved between India-Myanmar and Thailand and that the three nations have agreed to develop a similar framework agreement on the lines of the draft SAARC MVA.

“Secretary-level discussions were successfully concluded in Bengaluru this month and consensus has been reached on the text of agreement,” the minister said.

“On conclusion of this agreement, our sub-region will get access to the larger ASEAN (Association of Southeast Asian Nations) market through seamless passenger and cargo movement.” (IANS)

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Big reforms made India fastest growing major economies globally: Garg

It also has enormous implications for emerging markets and developing countries

0
//
5
The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs big reform.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise. www.mapsofindia.com

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS