New Delhi, July 7 (KNN) Stressing that the India-Bhutan trade agreement should be signed at the earliest, both sides agreed that, in the interim, to prevent disruption of trade, the existing Agreement may be extended for a period of one year or till the date of coming into force of the new Agreement, whichever is earlier.

The existing Agreement on Trade, Commerce and Transit between India and Bhutan was signed on 29th July 2006 for a period of ten years, Ministry of Commerce & Industries said in a release.

Discussions were held between both countries at New Delhi on 05-06 July 2016, to finalise the text of the draft new Agreement on Trade, Commerce and Transit. The visiting Bhutanese delegation was led by Secretary, Ministry of Economic Affairs, Royal Government of Bhutan.

After deliberations, it was agreed that the new Agreement may be signed at the earliest, after obtaining the internal approvals by both the sides, and it would be made effective from a mutually agreed date.

Both sides agreed that, in the interim, to prevent disruption of trade, the existing Agreement may be extended for a period of one year or till the date of coming into force of the new Agreement, whichever is earlier, the Ministry added. (With PIB Inputs)