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Business EconomyPosted at: Nov 12 2016 11:19PM


India, Bhutan signs agreement on trade for better bilateral relations

New Delhi, Nov 12 (UNI) Aiming to further strengthen the bilateral relations between both countries, India and Bhutan today signed a bilateral trade agreement with a validity period of one year.
Under the new agreement, it is aimed to enhance trade between the two countries through trade facilitation by improving procedures, cutting down on documentation and adding additional exit/entry points for Bhutan’s trade with other countries.
On behalf of India, Minister of State for Commerce and Industry Nirmala Sitharaman and on Bhutan side H E Tengye Lyonpo Lekey Dorji, Minister for Economic Affairs signed the agreement on trade, commerce and transit between India and the Royal Government of Bhutan in the presence of H E Lyonchhen Tshering Tobgay, Prime Minister of Bhutan at the Gyalyong Tshokhang in Thimphu, the Commerce and Industry Ministry said in a statement.
The first agreement on trade and commerce between both countries was signed in 1972. Since then, the agreement has been renewed four times. The last agreement was renewed on July 28, 2006 and was valid till July 29, 2016.
The validity of the agreement was extended for a period of one year or till the date of coming into force of the new Agreement, whichever is earlier, by exchange of diplomatic notes between the two countries, it added.
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