Explanation:

The Bangladesh, Bhutan, India, Nepal (BBIN) Initiative is a sub-regional architecture of countries in Eastern South Asia, a sub-region of South Asia.

• The group meets through the official representation of member states to formulate, implement and review quadrilateral agreements across areas such as water resources management, connectivity of power, transport, and infrastructure.
• Motor Vehicles Agreement (MVA) was signed on 15th June 2015 in Thimphu, Bhutan.
• It seeks to facilitate the unrestricted cross-border movement of cargo, passenger, and personal vehicles between BBIN countries.
• As per the agreement, member countries would allow vehicles registered in the other countries to enter their territory under certain terms and conditions. Customs and tariffs will be decided by the respective countries and these would be finalised at bilateral and trilateral forums.
• Implementation of the MVA has been delayed as the countries work to clarify some of the provisions that are supposed to be elaborated in protocols.

Objective

• To provide seamless people-to-people contact and enhance economic interaction by facilitating cross border movement of people and goods.

Hence only statement 2nd is correct.