China, Nepal sign letter of exchange on zero tariff

A new milestone was reached in China-Nepal relationship with the signing of the letter of exchange allowing 7,787 items which covers all the major exports of Nepal to be exported to China free of tariff.

"China values its friendly relations and economic ties with Nepal and has been supporting Nepal in its economic growth by every possible means, " said Chinese Ambassador to Nepal Yang Houlan at the signing ceremony,

He assured that China would continue to provide support to Nepal's economic growth by expanding the coverage of the duty- free facility in coming days.

Addressing the event, Nepalese Secretary for Ministry of Commerce and Supplies, Lal Mani Joshi said that such support would be very useful, adding that there were many other potential trade opportunities between the two neighboring countries.

"The main facilitating factor for bilateral trade is development of infrastructure," said Joshi.

Chinese trade statistics show that the trade volume of this year between the two countries has increased significantly and China has been importing more and more products from Nepal.

"Chinese market offers Nepal excellent potential for increasing export, and Nepal as one of China's important trading partner is able to tap export potentials," said Ambassador Yang.