Nepal, Myanmar sign trade, investment agreement

Kathmandu, November 30

Nepal and Myanmar have inked a pact on trade and investment today. Minister for Foreign Affairs Pradeep Kumar Gyawali and Kyaw Tin, minister for International Trade and Cooperation of Myanmar signed the agreement in the presence of Prime Minister KP Sharma Oli and State Counsellor of Myanmar Aung San Suu Kyi, who is in Kathmandu to participate in the ongoing Asia Pacific Summit.

This is the first time that the two countries have reached an agreement on investment and trade. Rajan Bhattarai, foreign affairs adviser to Prime Minister Oli, who was present at the agreement signing ceremony, said that the agreement envisions fostering investment between the two nations, enhancing trade and establishing air connectivity.

Though Nepal does not have any exports to Myanmar, it imports different food grains including lentils from the South East Asian nation.

Bhattarai further informed that Myanmar will start direct flights to Nepal after the planned Gautam Buddha International Airport starts operation. Similarly, the two countries have also reached an agreement whereby Myanmar will extend cooperation to encourage its citizens to visit Nepal in view of the upcoming tourism campaign in 2020.