RASTRIYA SAMACHAR SAMITI
KATHMANDU: 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 at the Ministry of Commerce of the People’s Republic of China in Beijing on 17-18 December, both sides expressed satisfaction on 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 end of the meeting, both sides signed a memorandum of understanding (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.
They also agreed for construction of two schools in Lamjung and Sindhupalchowk.
The Nepali delegation was led by finance secretary Suman Prasad Sharma and the Chinese side was headed by Gao Yin, the Vice Minister for Commerce of PR China.
The Nepali side had requested for more Chinese investments in Nepal in prioritised sectors and more concession to improve Nepali export to China as to reduce the growing trade deficit faced by Nepal.
The Chinese side responded positively on the issues such as harmonisation of working hours of customs offices, establishment and upgradation of necessary infrastructures at customs points in Tatopani and Rasuwagadi and early expansion of Chinese railway network from Shigatse to Kerung so as to improve Nepalese export to China.
Furthermore, both sides agreed to increase cooperation in tourism sector and decided to conduct technical level meeting to better harmonise the customs code and practices between two countries.
The Nepali side also requested for establishment of a Chinese bank or a branch of Chinese Bank in Nepal.
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 Nepali support 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.