SASEC to provide $15m to facilitate trade with SAARC members

KATHMANDU, Nov 6: The 4th South Asia Sub-regional Economic Cooperation (SASEC) meeting to be held from Wednesday in Bhutan is set to decide on providing US$15 million rupees to trade facilitation and upgrading customs facilities to boost Nepal´s trade with major South Asian trade partners.



Lal Mani Joshi, secretary at the Ministry of Commerce and Supplies, who is leading Nepali delegation for the two-day meeting, told Republica on Tuesday that the Asian Development Bank (ADB) would announced its plans to provide the amount to facilitate Nepal´s trade with Bangladesh through Kakadvitta-Banglabanda route and upgrade facilities at Panitanki on the Indian side of the border.[break]



At the meeting the ADB also will announce to facilitate trade through Rohanpur -Singhabad railway route and improve the facility of Mungla Port of Bangladesh.



“Different agreements will be signed during the meeting including upgrading roads and a railway route for trade facilitation of Nepal with Bangladesh and improving the physical facility of Panitanki customs, which is crucial for Nepal, India, Bangladesh and Bhutan,” said Joshi.

The sub-regional block includes Nepal, Bangladesh, India and Bhutan. The ADB has been supporting to SASEC to upgrade the trade infrastructures to facilitate trade and promote economic cooperation among the member countries of the sub-regional grouping.

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