Agreement on zero-tariff facility between China and India
KATHMANDU, Nov. 12: An agreement has been signed on Monday for further expanding coverage of the zero-duty facility to Nepal for export items to Chinese market.
At a programme organized today at the premises of the Ministry of Commerce and Supplies, Secretary of the Ministry, Lalmani Joshi and Chinese Ambassador to Nepal, Yang Houlan, signed the agreement.
China is to provide zero-tariff facility on 7,787 items by increasing from 4,721 items.
On the occasion, Secretary Joshi expressed the confidence that the facility provided by China to Nepal will help reduce trade deficit between the two countries and urged China to increase investment in Nepal.
Similarly, Ambassador Houlan said that China has given the facility upto 95 per cent of the total tariff line on exported items to China and expressed the confidence that the facility will increase Nepal´s export.
More than 266 items to be exported to China by 2013 will get entry into Chinese market with zero-tariff facility.
China had been charging customs tariff from three to 35 per cent on different items.
Joint-Secretary at the Ministry, Nayandra Prasad Upadhyay said that there is a demand of handicraft items, Pashmina, vegetable ghee, among others in China and added that it will help reduce trade deficit if Nepal could produce more items, on which China has given the facility.