KATHMANDU, Aug 20: Four South Asian countries — Nepal, Bhutan, Bangladesh and Maldives — have signed an agreement to share advance information on goods traded across their borders.
According to the Department of Customs (DoC), the customs authorities of these four nations signed ‘Memorandum of Intent for Cooperation in exchange of pre-arrival information for facilitation of trade and customs control on goods between the customs administrations of South Asia Subregional Economic Cooperation (SASEC) countries.’
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The agreement was signed by DoC Director General Yam Lal Bhusal from Nepal’s side at 14th Customs Subgroup Meeting of the SASEC held in Maldives on Wednesday.
The consensus is expected to make trade facilitation and customs control process more effective among these nations. “This will make it easier to manage risk by analyzing available information before the goods arrive at the customs office,” reads a press statement of the DoC.
With the pre-information mechanism in place, it will help customs clearance faster and easier. This will help reduce time and cost along with making the cross-border trade predictable and transparent, according to the DoC.
