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The Government of Nepal has recently released the 'Framework of Belt and Road Cooperation' with the Government of the People's Republic of China. The document was released by the Ministry of Foreign Affairs on Tuesday during Prime Minister KP Sharma Oli's official visit to China on November 19.
The memorandum of understanding states that for cooperation in a specific field, both parties will sign an agreement or other cooperation document. Likewise, when conducting cooperation and negotiations between the two parties, joint consultation for common development, practical support for meaningful impact, improvement of the policy environment for investment growth, structured guidance to negotiate for the implementation of potential projects, and the principle of realizing the mutual interests shared by both parties shall be adopted to make the agreement effective. is mentioned. In the
agreement, it is mentioned that the development of the project will be facilitated and accelerated through negotiations in areas such as identification and development of projects within the scope of cooperation, distribution of financial and technical resources, arrangement of financing, procurement method, implementation and designation of the responsible body for implementation.
Similarly, it is mentioned that both sides will encourage to strengthen cooperation based on cooperation in economic cooperation, financial sector cooperation, transportation, communication and logistics cooperation, trade, industrial capacity and investment cooperation, customs cooperation.
Nepal and China have been a traditional friendship since the establishment of diplomatic relations in 1955. The two countries have made steady progress in bilateral diplomatic relations, mutually beneficial economic cooperation and close people-to-people exchanges. On May 12, 2017, a Memorandum of Understanding was signed between the Government of China and the Government of Nepal under the 'Belt and Road Initiative'.
