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Nepal opens trade routes to China & signs seven bilateral aggrements

President Bidhya Devi Bhandari being invited by the president of China Xi Jingping on-looked the seven bilateral agreements along with the Nepal-China transit transportation agreement. Bhandari left for China on April 24 in the first state visit by the President of Nepal since the country was declared a republic 11 years ago. President Bhandari was presented a ceremonial welcome with Guard of Honour at the Great Hall of the People. 

The pact set, allows Nepal to use Shenzen, Lianyungang, Zhanjiang & Tianjin seaports which would further lead toward the resolution of Nepal's sole dependance on Indian ports for overseas trade. Nepal has also been allowed to use Lanzhou, Lhasa and Xigatse land ports. As per the protocol, Nepali traders will be allowed to use any mode of transport  road/rail to access seaports for third country trade. Currently, only two Nepali entry points--Rasuwagadhi and Tatopani--are being used for trade and business with China.  

The two sides also signed, 
i>Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters, 
ii>Memorandum of Understanding for Cooperation on Standardisation, Agreement on 
iii>Economic and Technical Cooperation, Minutes of Meeting on Strengthening Assistance 
iv>Cooperation in the Field of Livelihood in the Northern Region of Nepal,
v> Agreement on Preventing Theft, Clandestine Excavation and Illicit Export Import of Cultural Property 
vi>Handover Certificate of Grant-Aid for the Repair and Reinforcement Project of the Existing China-aided Projects.

Under the Agreement on Economic and Technical Cooperation, China will provide Nepal a grant assistance of RMB(Chinese Yuan) 1 billion(Rs.16.8 billion) for the implementation of mutually agreed projects in the fields of livelihood improvement, post disaster reconstruction and infrastructure. Further, the two presidents exchanged visions on further strengthen and unify ties of co-operative friendship and mutually beneficial partnership between the two countries. President Bhandari is on a nine day state visit to China at the invitation of Chinese President Xi Jingping.

Sunrise Bank

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