Kathmandu Aug,20 : The customs administrations of Nepal, Bhutan, Bangladesh and the Maldives have signed a memorandum of understanding (MoU) to exchange pre-arrival information on goods.
The agreement was signed on Wednesday on the sidelines of the 14th Meeting of the SASEC Customs Subgroup, being held in the Maldives.
Director General of Nepal’s Department of Customs, Yamlal Bhusal, signed the MoU on behalf of Nepal.
Under the agreement, the four countries will share information on goods before they arrive at the respective customs offices. The Department of Customs said the advance information will enable authorities to conduct risk analysis and strengthen customs control and risk management.
The arrangement is expected to speed up and simplify customs clearance by allowing authorities to prepare for incoming consignments in advance.
The department said the agreement will also help reduce the time and cost of trade procedures and make foreign trade more efficient, transparent and predictable.
