Patna, April 27: Minister of State for Commerce Jairam Ramesh has offered to make a fresh beginning with the new dispensation in Nepal through a modern trade agreement — Comprehensive Economic Partnership Agreement (CEPA). The offer came at the concluding day of the two-day seminar ‘Emerging Trends in India-Nepal Relations’, organised by the External Affairs Ministry, here on Sunday.

The minister sought to impress that India was ready to shed the baggage of the past and make a fresh beginning in the area of trade and economic cooperation. “We recognise the aspirations of a new Nepal and are ready to face challenges and grasp opportunities for mutual benefits. We are looking for new models of cooperation in trade and investment and projects that can be bilaterally funded,” Ramesh said.

Stressing that the economic agreement would derive mutual benefits, Ramesh underlined that under the new partnership, India proposed to shift from the beaten track and aimed to increase exports of its friendly neighbours by investing in a big way in the countries. “It is already working with Sri Lanka. It can be done with Nepal too. Indian companies will invest there and the produce can be imported by us. It will earn mutual benefits,” he said.

Ramesh sought to impress upon Nepali delegates that CEPA was in the interest of Nepal and urged that the new dispensation in Nepal should take it forward on a priority basis. “CEPA is good for creating an investment climate. The perennial issue of Nepal’s trade deficit can be resolved only through it.”

He said India had already cleared four ambitious projects of building a trade infrastructure of international standards on both sides of the Indo-Nepal border that will go a long way in facilitating hassle-free trade between the two countries. “The projects have been cleared by the Cabinet and work will start soon,” Ramesh told the delegates from Nepal.

Dwelling over the potential of Nepal in the area of hydroelectricity, Ramesh said India was not eyeing to usurp it but wanted it to be utilised for the country’s economic uplift. Citing the example of Bhutan, he pointed out how the country was earning substantial money by selling power to India.