India, Nepal to develop inland waterways for cargo movement

India and Nepal have agreed to boost cooperation in connectivity sector as they decided to develop inland waterways for cargo movement within Protocol to Treaty of Transit between India and Nepal. It was decided during delegation-level talks between Prime Minister Narendra Modi and his Nepalese counterpart K P Sharma Oli.

Key Facts

Both countries recognised untapped potential of inland waterways to contribute towards overall economic development of the region. They took cognisance of their geographies and held that development of inland waterways in both countries for movement of cargo, within framework of trade and transit arrangements, will provide additional access to sea for landlocked Nepal.
This development of inland waterways will enable cost-effective and efficient movement of cargo. It will have enormous impact on the growth of business and economy of Nepal as it will provide additional connectivity to it. Both countries will formulate and mutually agree upon requisite procedures and modalities for including inland waterways as additional means of transport the Protocol to Treaty of Transit between India and Nepal.

Month: Current Affairs - April, 2018