India & Bhutan sign agreement on trade, commerce and transit

Q.  The Union Cabinet chaired by PM Narendra Modi on 27th Oct 2016 has approved a 2016 agreement on trade, commerce and transit between India and which other country?
- Published on 01 Nov 16

a. Bangladesh
b. Burma
c. Bhutan
d. None of the above

ANSWER: Bhutan
 
India & Bhutan sign agreement on trade, commerce and transitThe Union Cabinet chaired by PM Narendra Modi on 27th Oct 2016 has approved the agreement on Trade, Commerce and Transit between India and Bhutan.
  • The agreement was renewed on 29th July 2006 for 10 years.
  • Validity of this agreement was extended for one year from 29th July 2016 or till a new agreement comes into force through the exchange of diplomatic notes.
  • India provides for a free trade agreement between the two nations and provides for duty free transit of Bhutanese merchandise for trade with third countries.
  • The bilateral trade relations between Bhutan and India are governed by the Agreement on Trade, Commerce and Transit between the Governments of India and Bhutan.
  • The traditionally unique bilateral relations were linked with trust and understanding between India and Bhutan.
  • They have matured over the years and would be further strengthened by execution of the proposed agreement.

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