His majestyss Government of Nepal and the government of Mongolia (hereinafter referred to as the " Contracting Parties")
Being desirous of promotion trade relations between the two countries on the basis of equality and mutual benefit. Have agreed as follows:-
The Contracting parties shall take all kinds of measured in order to expand and promote the trade between the two countries and encourage the exchange of goods and services on the basis of equality and mutual benefit.
The Contracting parties shall grant each other the most favoured nation treatment in respect of customs duties, charges of any kind, fees and the methods of levying such duties and charges as well as of rules and regulations on export and import of commodities.
The provisions of the Article 2 of the present Agreement shall not apply to the following:
The Contracting Parties shall facilitate to the extent possible each others participation in trade fairs to be held in either country, and in arranging trade exhibition of either country in the territory of the other on terms to be agreed between respective authorities.
All payments between the two countries shall be effected in freely convertible currencies; if there is no other arrangement mutually agreed upon.
The Contracting Parties shall take all necessary measures to expedite the transportation of their commodities in the most proper and cheapest way.
The Contracting Parties shall consult each other, if necessary, in order to generate the proposals, aimed at broadening the trade relations between themselves and to settle down issues, which may arise from implementation of the present Agreement.
This agreement shall come into force from the date of its signing and shall remain valid for a period of five years. Unless either Contracting Party wishes to terminate this Agreement by giving a three months notice prior to its expiry in writing, the Agreement shall automatically continue in force for further periods of five years.
Done in Kathmandu on January 29th, 1992 in three originals in Nepali, Mongolian and English languages, all texts being equally authentic In case of any divergence, the English text shall prevail.
|(Durga Prakash Pandey)
Ministry of Commerce
For His Majestys Government of Nepal
For External relations
For the Government of Mongolia