India VS Pakistan
Kathmandu, In a significant development, Nepal officially implemented the transit and transport protocol with China, marking a crucial milestone in the nation’s foreign trade. The historic agreement, inked during the tenure of former Prime Minister KP Sharma Oli in March 2072, was brought to fruition after approximately eight years.
The inaugural export under the Nepal-China Transit Transport Agreement was unveiled during a special program in Kathmandu on Thursday. Narayan Prasad Sharma Duwadi, Secretary of the Ministry of Industry, Commerce and Supply, called the moment as a game-changer for Nepal’s foreign trade and expressed optimism about sustained exports to third countries through China.
Chinese Ambassador to Nepal, Chen Song, affirmed the robust trade relations between Nepal and China, pledging continuous support for Nepal’s economic and business development. Despite growing interest from China and other nations for investments in Nepal, Tribhuwandhar Tuladhar, President of the Nepal China Chamber of Commerce, urged the Nepalese government to take proactive steps in easing policy difficulties and modifying the current APC (advance payment certificate) system.
Rajendra Malla, President of Nepal Chamber of Commerce, emphasized the potential for a tenfold increase in Nepal’s exports to third countries, including China, by actively focusing on international marketing, quality, and branding efforts.
The implementation of this agreement is anticipated to boost the export of Nepalese goods to third countries via China, providing an alternative route to circumvent the prior reliance on Indian borders. Despite the ambitious target set by the previous government to export goods worth over NPR 1 trillion 98 billion, the actual exports in the last financial year amounted to NPR 1 trillion 57 billion, indicating a 21 percent decline compared to the preceding fiscal year. The move is expected to address Nepal’s foreign trade deficit, which reached NPR 14 trillion 54 billion in the fiscal year 079-80.
