India-Bhutan
trade & transit pact come into force….
India and Bhutan mutually decided to bring into force the 'new'
bilateral Agreement on Trade, Commerce and Transit with effect from this July
29. The new agreement will further strengthen the bilateral trade relations
between India and Bhutan
The agreement provides for a free trade regime between the territories
of India and Bhutan. The agreement also provides for duty-free transit of
Bhutanese merchandise for trade with third countries. Bilateral trade between
both countries will continue to be transacted in Bhutanese Ngultrums and Indian
Rupees. It was last renewed on July 29, 2006 for ten years. The validity of
this agreement was extended (with effect from July 29, 2016) for one year or
till the new agreement comes into force, through exchange of diplomatic notes.
The new agreement was signed on November 12, 2016, and as
per its provisions, the pact was to come into force on a mutually decided date.
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