Pact to boost trade with China
KATHMANDU, April 27:
Chairman of Nepal-China Chamber of Commerce and Industry (NCCCI) Rajesh Kazi Shrestha and president of China Council for the Promotion of International Trade Xiamen Sub Council Lin Shuxi signed a six-point agreement to strengthen trade and economic relationship between Nepal and China.
Under the agreement, the two sides will regularly exchange market information on the economic development with a view to opening up possibilities for increasing trade between the two countries. Shrestha during the MoU signing ceremony urged the Chinese representatives to promote Nepal Tourism Year 2011.
“Nepal has greater possibility of investments in tourism, hydropower, medicine, and cement,” said Shrestha, adding that the banking sector also has potentials for investments. We want to bring investments from the Chinese investors into Nepal, he added.
The agreement will help increase bilateral trade. We want to make a survey of investment possibilities in Nepal, Shuxi said. Nepal-China trade has increased in the recent years and the trade relations can further be improved, he said.
Meanwhile, Purosottam Ojha, secretary of the Ministry of Commerce and Supplies (MoCS) expressed his pleasure on the increasing trade relationship between the two countries. Through various trade agreements and frequent visits of delegations between the two countries, we are developing our business to business contact, Ojha said. Ojha also urged the traders to take advantage of duty-free access that has been allowed by China to 4,721 products. “Among 4,721 products that have been given duty-free access, we can enjoy the facility on 361 products,” he said.
During the fiscal year 2009-10, Nepal had a trade deficit of around Rs 42 billion with China which was around Rs 31 billion during 2008-09, around Rs 23 billion during 2007-08.
During 2007-08, Nepal’s export to China was worth less than a billion rupees. However, export to China has increased to Rs 2.15 billion during 2008-09 while import was worth Rs 34.46 billion. However, export to China further decreased to Rs 1.38 billion with import of Rs 43.44 billion, states MoCS data. China mainly imports wheat flour, grain, coffee, vegetable fat, sugar, mix juice, paints, painting, incense stick, statue, handicraft products, carpet, bricks, mattress.
Source: THT
Chairman of Nepal-China Chamber of Commerce and Industry (NCCCI) Rajesh Kazi Shrestha and president of China Council for the Promotion of International Trade Xiamen Sub Council Lin Shuxi signed a six-point agreement to strengthen trade and economic relationship between Nepal and China.
Under the agreement, the two sides will regularly exchange market information on the economic development with a view to opening up possibilities for increasing trade between the two countries. Shrestha during the MoU signing ceremony urged the Chinese representatives to promote Nepal Tourism Year 2011.
“Nepal has greater possibility of investments in tourism, hydropower, medicine, and cement,” said Shrestha, adding that the banking sector also has potentials for investments. We want to bring investments from the Chinese investors into Nepal, he added.
The agreement will help increase bilateral trade. We want to make a survey of investment possibilities in Nepal, Shuxi said. Nepal-China trade has increased in the recent years and the trade relations can further be improved, he said.
Meanwhile, Purosottam Ojha, secretary of the Ministry of Commerce and Supplies (MoCS) expressed his pleasure on the increasing trade relationship between the two countries. Through various trade agreements and frequent visits of delegations between the two countries, we are developing our business to business contact, Ojha said. Ojha also urged the traders to take advantage of duty-free access that has been allowed by China to 4,721 products. “Among 4,721 products that have been given duty-free access, we can enjoy the facility on 361 products,” he said.
During the fiscal year 2009-10, Nepal had a trade deficit of around Rs 42 billion with China which was around Rs 31 billion during 2008-09, around Rs 23 billion during 2007-08.
During 2007-08, Nepal’s export to China was worth less than a billion rupees. However, export to China has increased to Rs 2.15 billion during 2008-09 while import was worth Rs 34.46 billion. However, export to China further decreased to Rs 1.38 billion with import of Rs 43.44 billion, states MoCS data. China mainly imports wheat flour, grain, coffee, vegetable fat, sugar, mix juice, paints, painting, incense stick, statue, handicraft products, carpet, bricks, mattress.
Source: THT
