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The Union Cabinet has approved Agreement on Trade, Commerce and Transit between India and Bhutan. The Agreement provide free trade regime between two countries.The Agreement also provides for duty free transit of Bhutanese merchandise for trade with third countries.
The Agreement was renewed on 29th july 2006 for a period of ten years.
The validity of this agreement was extended, with effect from 29th july 2016, for a period of one year or till the new agreement comes into force.
Source : PIB