India's External Affairs Minister (EAM) S. Jaishankar concluded his two-day visit to Nepal, strengthening ties through various initiatives and agreements. The key event of the visit was the 7th India-Nepal Joint Commission meeting, which culminated in a historic agreement for India to import 10,000 MW of hydropower from Nepal over the next decade.
1. Major Agreements
The 7th India-Nepal Joint Commission meeting resulted in an important agreement: India will import 10,000 MW of hydropower from Nepal over the next decade.
2. Reconstruction Assistance
India announced to Nepal a financial package of Rs 1,000 crore (US$75 million) to rebuild infrastructure in areas affected by the 2015 earthquake.
Jointly inaugurated by Jaishankar and Nepal's N P Saud, the post-earthquake reconstruction projects include schools, health facilities and cultural heritage sites.
3. Transformative Relationship
Jaishankar highlighted the transformation in India-Nepal relations with emphasis on connectivity in physical, digital and energy sectors as the foundation of cooperation.
Tribhuvan University Central Library was inaugurated in Kathmandu, symbolizing the strong ties between the people.
4. Shared Responsibilities
External Affairs Minister Jaishankar emphasized shared responsibilities in building ties and praised India's efforts, including funding for 50,000 houses after the 2015 earthquake.
5. Treaty Review
Both sides reviewed various aspects of bilateral relations including the 1950 Treaty of Peace and Friendship, security matters and border-related issues.
6. 'Hit' Formula
Referring to PM Modi's 2014 visit, Jaishankar recalled the 'hit' formula for India-Nepal relations: Highways, Iways (information routes), and Transways (connectivity).
7. Electricity Trade Agreement
A long-term power trade agreement was signed, which aims to increase Nepal's power exports to India to 10,000 MW within the next 10 years. At present, Nepal's power capacity is about 2,600 MW.