India has signed a key motor vehicle pact with three SAARC nations, namely Bhutan, Bangladesh and Nepal. This means that passenger and cargo vehicles can transit seamlessly.
A similar pact is being developed for India, Myanmar and Thailand. This will make way for greater economic cooperation in Asia, between the countries.
The Bangladesh, Bhutan, India and Nepal (BBIN) Motor Vehicle Agreement (MVA) was signed by Nitin Gadkari, the Indian Road Transport and Highways Minister.
This BBIN MVA will help reduce transport cost, help develop transport and transit facilities and also increase connectivity and trade between the countries.
Addressing the conference at Thimpu, Gadkari said, "This MVA, which would eventually allow motor vehicles of all categories registered in our countries to move freely in the region, is a first and small but substantial step endorsing the commitment of our national leaders to deepen regional integration for peace, stability and prosperity."