As 2024 draws to a close, China and Nepal are taking significant steps to deepen their bilateral relations. Nepalese Prime Minister KP Sharma Oli is set to visit China starting Monday, while Foreign Minister Arzu Rana Deuba is already in Sichuan Province for the 5th China-Central Asia Foreign Ministers' Meeting.
Oli's delegation includes about 48 private sector representatives, indicating a strong interest in expanding trade between the two nations. This move is supported by China’s recent decision to grant zero-tariff treatment to 100 percent of tariff items from all least developed countries with diplomatic ties to China, including Nepal. This policy is expected to facilitate the entry of more Nepalese specialty products into the Chinese market.
Goods such as garments, footwear, electronic items, smartphones, and electric vehicles are seeing an increase in imports from China through the Rasuwagadhi and Tatopani border crossings, especially ahead of Nepal’s major festivals, Dashain and Tihar, in mid-October and November.
Rabindra Prasad Pyakurel, information officer at Rasuwa Customs Office, reported a notable growth in trade through the Rasuwagadhi border point over the past two months. Additionally, there has been a 70-percent rise in trade through these border routes during Nepal's current fiscal year, which began in mid-July.
The economic partnership between China and Nepal is underpinned by a long-standing people-to-people relationship that dates back thousands of years. Both nations share a rich history of ancient civilizations and common values such as compassion, honesty, nonviolence, sacrifice, and harmony, inspired by figures like Shakyamuni Buddha and Confucius.
Chinese Foreign Minister Wang Yi emphasized Nepal’s importance in China’s neighborhood diplomacy during a meeting with Oli in September at the UN General Assembly in New York. Since upgrading their relationship to a strategic partnership of cooperation in 2019, China and Nepal have continued to work towards mutual development and prosperity.
Reference(s):
China-Nepal ties: Strong friendship, zero tariffs, shared future
cgtn.com
