India inks landmark MVA with Bhutan, Bangladesh and Nepal
Bangladesh, Bhutan, India and Nepal (BBIN) have inked a Motor Vehicles Agreement (MVA) for the regulation of passenger, personnel and cargo vehicular traffic for the economic benefit of the entire region.
On behalf of India, the agreement was signed by Union Minister of Road Transport & Highways and Shipping, Nitin Gadkari in Thimpu, Bhutan.
Key Facts about BBIN Motor Vehicles Agreement (MVA)
- BBIN MVA agreement which is similar to the SAARC Motor Vehicle Agreement (MVA) aims to promote safe, environmentally sound and economical efficient road transport in the sub-region of BBIN.
- It also seeks to help each member country to create an institutional mechanism for regional integration.
- The agreement will be supplemented by building and upgrading roads, railways and waterways infrastructure in this region in order to ensure smooth cross-border flow of goods, services, technology, capital and people-to-people contact.
- It will benefit member nations for mutual cross border movement of passenger and goods for overall economic development of the region.
- For implementation of this agreement each signatory member will bear its own costs.
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Month: Current Affairs - June, 2015