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Bangladesh-Bhutan-India-Nepal (BBIN) – Motor Vehicle Agreement India, Bangladesh and Nepal have finalized the “Bangladesh-Bhutan-India-Nepal” (BBIN) – Motor Vehicle Agreement (MVA) i.e. BBIN-MVA. India, Bangladesh and Nepal have finalized a Memorandum of Understanding (MoU) to implement the BBIN-MVA. It may be noted that the objective of BBIN-MVA is to promote regional trade and connectivity. Currently, Bhutan has distanced itself from this agreement. About BBIN-MVA: In 2014, a regional motor vehicle agreement could not be agreed due to Pakistan's opposition at the Kathmandu summit of SAARC (i.e., South Asian Association for Regional Cooperation). Subsequently a connectivity project named BBIN-MVA was envisaged. It is a sub-regional motor vehicle agreement for the regulation of passenger, personnel and cargo-vehicle traffic. This will further strengthen the facility of land based inland road transport. In 2017, Bhutan failed to get approval from its parliament due to environmental concerns. After that he got out of the project temporarily. Significance of BBIN-MVA This project will help in accelerating the development of North East region of India. Due to this, bilateral and regional value chains can be leveraged. As a result, investment relations will also get a boost. This is expected to increase intra-regional trade within South Asia by about 60% and trade with the rest of the world by over 30%. Implementation concerns: Bhutan is unable to attend due to traffic and pollution concerns. There is a lack of infrastructure especially at designated border posts. Harmony between regulations and customs procedures is a major challenge. A comprehensive auto insurance policy would be required for all countries involved in the agreement. Source – The Hindu Download Our App MORE CURRENT AFFAIRS

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