"Insecurity and political instability in one country can have immediate impact on the other country," he said adding dialogue and more intense engagement between the two countries are needed to sort out any bilateral issue.

There is immense opportunities for the two neighbouring countries to work together in this increasingly globalised and interdependent era, Rae said at an interaction programme here.

Leaders from Nepal's political parties stressed up on the need to translate friendly bilateral ties into economic gains for both the countries.

"Unless there is common views and agenda among the political parties in Nepal regarding Nepal's national interest and national priorities, we cannot utilize our relations with our neighbours, especially India, for our economic benefit," Nepali Congress general secretary Krishna Sitaula said.

India has always supported Nepal's democratic movement, whether it be democratic struggle of 1950, Peoples Movement of 1990 or People's Movement of 2006, said Sitaula said.

"Foreign investment will not come unless Nepal can guarantee security and return on their investment," he said on the topic "Nepal-India Relations Opportunities and Challenges".

Nepal–India relations provide tremendous opportunity for the country to move forward on the path of economic prosperity and overall development, he said.

Senior leader of CPN-UML KP Sharma Oli said "these days the opportunities in Nepal-India relations appear to be increasing where as challenges are lessening". He underlined the need to review the past agreements and understandings reached between the two countries which are "imperfect".

"If there are any issue between the two countries these should be tackled through diplomatic channels, instead of making them big issues," he said.

CP Gajurel, general secretary of CPN-Maoist, the breakaway faction of UCPN-Maoist, made it clear that his party does not pursue anti-India policies and admitted that Nepal could not take proper benefit from its relations with India.

He also called for scrapping all unequal treaties signed between Nepal and India in the past. President of Madhesi Peoples Rights Forum Nepal Upendra Yadav said that Nepal and India can work jointly in many areas including hydropower, tourism, agriculture, human resources and even in trade and industries for common benefits.

The anti-India nationalism adopted by a section of political groups in Nepal has become obsolete and the extreme nationalism has done more harm to Nepal than benefited, he said.

Nepal has been facing a constitutional crisis since the 10-year civil war ended in 2006. It deepened in 2012 when the first Constituent Assembly elected in 2008 was dissolved without promulgating the constitution.

The 30 political parties that won seats in the November 19 polls last year were expected to nominate lawmakers under a proportional representation system by December 10.

The composition of 601-member assembly was delayed after the Maoists alleged fraud in polls and threatened to boycott the parliament. After weeks of negotiations, they last month agreed to participate in the parliament.

(Agencies)

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