Kathmandu, August 20
Nepal and three other countries have signed an agreement to exchange pre-arrival information on goods at customs.
The Department of Customs said the memorandum of understanding was signed among member countries of the South Asia Subregional Economic Cooperation (SASEC) to facilitate trade and strengthen customs controls.
The agreement was signed by the customs administrations of Nepal, Bhutan, Bangladesh and the Maldives during the 14th SASEC Subgroup Meeting held in the Maldives. On behalf of Nepal, Director General of the Department of Customs Yamlal Bhusal signed the agreement.
According to the department, the main objective of the agreement is to facilitate the exchange of pre-arrival information on goods among member countries. This will allow customs authorities to analyse available information and manage risks before goods arrive at customs offices.
The department said the arrangement will help strengthen customs controls and facilitate faster and more efficient clearance of goods. It is also expected to reduce the time and cost involved in trade procedures and make foreign trade more convenient, transparent and predictable.
Nepal and India had previously signed a similar memorandum of understanding. The agreement was signed between the Department of Customs and India’s Central Board of Indirect Taxes and Customs in New Delhi in the first week of Magh, 2082 BS.
Both countries expect the arrangement to strengthen cooperation between their customs administrations and facilitate risk analysis by exchanging data on goods before their arrival, making it easier to monitor and regulate shipments identified as high-risk.
The system is also expected to provide greater facilitation to compliant businesses and make customs clearance faster and more efficient. Pre-arrival data exchange among major trading partners is an established international practice aimed at facilitating trade through risk management.
