Nepal-China IETC meeting reviews bilateral trade

Nepal-China IETC meeting reviews bilateral trade

The Eleventh Session of Nepal–China Joint Economic and Trade Committee reviewed the development of bilateral trade, economic and technical assistance and economic cooperation between Nepal and China in the recent years.

During the session held in the Ministry of Commerce of the People’s Republic of China in Beijing on 17 -18 December, both sides expressed satisfaction on the accomplishments achieved during the period and gave more emphasis on enhancing level of cooperation to further augment bilateral trade and economic cooperation between the two countries, the Finance Ministry said.

After the end of meeting, both sides signed a MoU on Jointly Promoting the Silk Road Economic Belt under the Framework of China – Nepal Joint Committee on Economic and Trade Cooperation and exchanged letters for providing a batch of providing and living materials under the grant assistance for the northern hilly region of Nepal; and construction of two schools in Lamjung and Sindhupalchowk.

The Nepalese delegation was led by finance secretary Suman Prasad Sharma and the Chinese side was headed by Ms Gao Yin, the Vice Minister for Commerce of PR China.

The Nepalese side requested for more Chinese investments in Nepal in prioritized sectors and more concession to improve Nepalese export to China as to reduce the growing trade deficit faced by Nepal.

The Chinese side responded positively on the issues such as harmonization of working hours of custom offices, establishment and upgradation of necessary infrastructures at custom points in Tatopani and Rasuwagadi and early expansion of Chinese railway network from Shigatse to Kerung so as to improve Nepalese export to China. Several new project proposals were put forward for the consideration of Chinese assistance such as expansion and upgradation of Kathmandu – Rasuwagadi, Pokhara – Baglung – Beni – Jomsom roads; expansion of remaining section of Kathmandu Ring Road; expedition and construction of ICDs at Larcha and Rasuwa; widening and upgrading Dhulikhel – Tatopani road section.

The Nepalese side also requested for establishment of a Chinese bank or a branch of Chinese Bank in Nepal.

Furthermore, both sides agreed to increase cooperation in the tourism sector and decided to conduct technical level meeting to better harmonize the custom code and practices between two countries. The Chinese side thanked Nepal’s support regarding cooperation on the Silk Road Economic Belt and establishment of Asian Infrastructure Investment Bank. China has assured Nepal of its continuous assistance and cooperation in Nepal’s development endeavours and stressed the need of more Nepalese supports to expedite some of the on-going China aided projects in Nepal.

Likewise, both sides decided to convene the 12th session of the Committee meeting in Kathmandu in 2015 at mutually convenient dates. RSS

Source: Republica