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Industry, Commerce and Supply Minister Damodar Bhandari has emphasized that Nepal's trade deficit with China should be reduced as there is a huge trade deficit.
Addressing the 25th annual general meeting and silver jubilee ceremony of the Nepal Himalayan Cross Border Commerce Association, he said that to reduce this, it is essential to increase the export of Nepali products and special emphasis should be placed on areas such as herbs, handicrafts, agricultural products, and ready-made garments.
'The association can play a leading role in the promotion of Nepali products, diversification of Nepali goods and services, quality improvement and 'branding' should be emphasized, participation in various trade fairs and exhibitions is being encouraged on behalf of the government to increase the access of Nepali products to the Chinese market, some flexibility has been brought in the foreign exchange policy to facilitate Nepali businessmen in doing business with China, various training programs have been conducted to inform about the Chinese language, business culture and process,' he said.
Minister Bhandari said that the government of Nepal has allocated budget for the upgrading and infrastructure development of Tatopani and Rasuwagadhi crossings to facilitate Nepal-China trade, formed the 'Nepal-China Trade Facilitation Committee' to facilitate trade with China, encouraged the electronic payment system to facilitate cross-border trade, advanced the construction of a dry port at the Rasuwagadhi-Kerung crossing, encouraged local production through the 'One Station, One Product' program and the quality of Nepalese products. He informed that technical support has been provided for improvement.
Similarly, he said that the government has also prepared an action plan for the development of checkpoints like Korla, Hilsa, Kimathangka, Olangchungola. He said, 'The government is always with the private sector and I believe that together we can take Nepal's business sector to a new height. Cooperation between the government and the private sector is indispensable to make trade with China balanced, sustainable and mutually beneficial.'
Minister Bhandari said that the association has been providing unparalleled contribution to the promotion of Nepal-China bilateral trade, strengthening of people-to-people relations and promotion of industrial relations.
Minister Bhandari said that the association can play an important role in promoting commercial diplomacy in coordination with government agencies. He said that trade missions, exhibitions and cultural exchange programs can be organized to increase the reach of Nepali products in various provinces and cities of China.
He emphasized that the association should continuously study, research and discuss to give practical suggestions to the government in the formulation of trade policies. Minister Bhandari said, 'coordination and cooperation with Chinese business associations should be increased, the association can also play an important role in attracting Chinese investors to invest in Nepal.'
