Nepal, Bhutan, Bangladesh and the Maldives have signed an agreement to exchange advance information on goods traded across their borders, in a move aimed at facilitating regional trade and strengthening customs controls.
The agreement, titled the “Memorandum of Intent for Cooperation in Exchange of Pre-Arrival Information for Facilitation of Trade and Customs Control on Goods between the Customs Administrations of SASEC Countries,” was signed by the customs authorities of the four countries.
Nepal’s Department of Customs Director General Yam Lal Bhusal signed the memorandum on behalf of Nepal during the 14th Customs Subgroup Meeting of the South Asia Subregional Economic Cooperation (SASEC) held in the Maldives on Wednesday.
The new mechanism will allow customs authorities to receive and analyze information about shipments before goods arrive at customs points. According to Nepal’s Department of Customs, this will help authorities assess potential risks in advance and make customs control more efficient.
The arrangement is also expected to speed up customs clearance, reduce trade-related time and costs, and make cross-border trade more predictable and transparent.
The initiative is expected to strengthen cooperation among the participating SASEC countries by enabling customs administrations to share relevant information in advance and improve coordination in managing cross-border trade.
