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India and Nepal are seeking to update their nearly 60-year-old trade treaty with the new draft expected to be ready before India goes to staggered polls from April 16. HT Image The draft will be signed into a fresh agreement by the new federal government that comes into being in India in June, officials said. At the end of the two-day bilateral talks in Kathmandu to review the 1950 treaty that has to be renewed in 2012, Nepal is seeking to increase its time span. Currently, the Treaty of Trade has to be renewed every five years, Surya Prasad Silwal, joint secretary at Nepal s commerce ministry who headed the Nepali delegations during the talks, told IANS. It was last renewed in 2007 and will continue for five years. However, Nepali investors feel five years is too short to gaug [url=https://www.nike-airjordan.it]jordan[/url] e the investment climate and set up a venture, which takes nearly four years. Nepal is asking for the treaty to be extended to 10 years from now on. [url=https://www.adidasoriginal.it]adidas originals[/url] The proposal will now be discussed by the commerce secretaries of both countries. The talks that ended Friday have come up with other major agreements that are expected to boost Nepal s bilateral trade with India, reduce its ballooning deficit and curb the rampant smuggling due to the open border that causes both sides to los [url=https://www.airforces.us]air force 1[/url] e billions of rupees in revenue every year. The Agreement of Cooperation between India and Nepal signed in 1972 to control unauthorised trade is now poised for a sea change. Till now, the pact prevented each f