The Nepal-India Chamber of Commerce and Industry (NICCI) and the Bengal Chamber of Commerce and Industry (BCCI) marked a historic moment in economic collaboration with the signing of a Memorandum of Understanding (MoU) during the inaugural day of the Indo-Pacific Economic Conclave 2023 held in Kolkata, India on Thursday.

The MoU, a testament to the commitment of both organisations to enhance bilateral economic relations between Nepal and India, was formally inked by Shreejana Rana, President of NICCI, and Subir Chakraborty, President of BCCI, in a ceremony that symbolises a new era of economic cooperation.

The Indo-Pacific Economic Conclave 2023, organised by the BCCI, served as the ideal platform for this landmark agreement, according to a statement issued by NICCI.

Rana raised critical issues facing the Indo-Pacific region, including cargo shipment, infrastructure development, logistics optimisation, supply chain efficiency, visa regulations, and more.

In her address, Rana underscored the immense potential of the Indo-Pacific region, highlighting its economic dynamism, cultural diversity and capacity for innovation.

She shed light on concerns related to visa regulations, non-tariff barriers, environmental sustainability, and climate change, all of which can significantly affect cross-border trade and investment.

Rana put forth a comprehensive set of solutions.

These proposals encompassed infrastructure development initiatives aimed at improving regional connectivity, simplification of trade agreements to reduce trade barriers and enhance economic integration, harmonisation of regulations to expedite cross-border trade processes, and measures to promote supply chain flexibility.

She also highlighted the significance of cultural exchanges, educational programmes and tourism as instruments to promote greater understanding and cooperation among nations. She stressed the importance of fostering a sense of regional identity and unity as a means to bolster cooperation further.

As part of the seamless connectivity agenda and to promote bilateral and regional tourism, Rana unveiled the recent release of a Coffee Table Book on Spiritual Circuits between Nepal and India. This beautifully curated book features five religious circuits — Ramayana, Mahabharat, Shivashakti, Buddhist, and Sikh — in both countries.

Following its successful unveiling in Nepal, plans are underway for a grand launch in India, enhancing cultural exchanges and promoting tourism.