Kathmandu: Nepal-India Chamber of Commerce and Industry (NICCI) and the Bengal Chamber of Commerce and Industry (BCCI) marked a historic moment in economic collaboration with the signing of a Memorandum of Understanding (MoU) during the inaugural day of the Indo-Pacific Economic Conclave 2023 held in Kolkata on Thursday. The Conclave was organized by BCCI.
The MoU, a testament to the commitment of both organizations to enhance bilateral economic relations between Nepal and India, was formally inked by Shreejana Rana, President of NICCI, and Subir Chakraborty, President of BCCI. On the occasion, she raised critical issues facing the Indo-Pacific region while also underscoring the immense potential of the Indo-Pacific region, highlighting its economic dynamism, cultural diversity, and capacity for innovation. She emphasized the need to confront the pressing challenges that hinder the region’s progress, such as infrastructure gaps, logistics inefficiencies, and the disruptive impact of the COVID-19 pandemic on supply chains. She also shed light on concerns related to visa regulations, non-tariff barriers, environmental sustainability, and climate change. Meanwhile, she also proposed solutions that
encompassed infrastructure development initiatives aimed at improving regional connectivity, simplification of trade agreements to reduce trade barriers and enhance economic integration, harmonization of regulations to expedite cross-border trade processes, and measures to promote supply chain flexibility.