India and Nepal recognised the untapped potential of inland waterways, in order to contribute towards the overall economic development of the region.
The Ministry of External Affairs (MEA), in a statement said, "Taking cognizance of their geographies and noting the development of inland waterways in both countries, Prime Minister Oli and Prime Minister of Nepal, K.P. Sharma Oli took the landmark decision to develop the inland waterways for the movement of cargo, within the framework of trade and transit arrangements and providing additional access to sea for Nepal."
The new initiative would enable cost-effective and efficient movement of cargo. Prime Minister Oli noted the enormous impact the additional connectivity would have on the growth of business and economy of Nepal.
To facilitate the movement of traffic-in-transit, the two leaders directed their respective officials to formulate and mutually agree upon the requisite procedures and modalities for including inland waterways as an additional means of transport in the protocol to the treaty of transit between India and Nepal.
Disclaimer: No Business Standard Journalist was involved in creation of this content
