India-Bhutan trade & transit pact

India and Bhutan mutually decided to bring into force the ‘new’ bilateral Agreement on Trade, Commerce and Transit with effect from this July 29
The agreement provides for a free trade regime between the territories of India and Bhutan. The agreement also provides for a duty-free transit of Bhutanese merchandise for trade with third countries. It was last renewed on July 29, 2006, for ten years. The validity of this agreement was extended (with effect from July 29, 2016) for one year or till the new agreement comes into force, through the exchange of diplomatic notes.
The new agreement was signed on November 12, 2016, and as per its provisions, the pact was to come into force on a mutually decided date.

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