Nepal and Australia sign trade and investment agreement

KATHMANDU: A trade and investment agreement has been reached between Nepal and Australia, according to the Foreign Minister of Nepal, NP Saud, during his official visit to Australia.

The agreement, which was signed between Nepal’s Ambassador Kailash Raj Pokharel and Australia’s Assistant Foreign Minister Tim Watts, was confirmed by the Ministry of Foreign Affairs in the presence of Foreign Minister Saud and his Australian counterpart Penny Wong.

After the signing, both foreign ministers expressed the importance of further strengthening friendly relations between Nepal and Australia. Assistant Foreign Minister Watts, who signed the agreement on behalf of Australia, stated, “Australia and Nepal are close friends. Our relationship has deepened to the people-to-people level. The Nepali community of Australian origin is growing rapidly.”

“After the signing of the agreement, Assistant Foreign Minister Watts expressed that the relationship between Australia and Nepal has deepened even at the people-to-people level,” stated the Ministry of Foreign Affairs.

“This is good news for us. Our relationship has deepened to the people-to-people level. The Nepali community of Australian origin is growing rapidly,” Assistant Foreign Minister Watts further commented on Twitter after the signing. Watts had visited Nepal last year, and he recalled the visit, emphasizing the opportunity to deepen relations with the Nepalese government and various sector leaders during his visit.

During the meeting with Foreign Minister Saud, discussions were held on further enhancing economic relations between the two countries. Saud expressed satisfaction with the progress made in the economic and investment framework discussions, stating, “The discussion has taken place to enhance economic relations between the two countries, and we have had fruitful discussions.”

The bilateral discussions also included in-depth talks on strengthening economic ties, exploring opportunities for mutual benefit, and expanding collaboration in various sectors.

“This agreement reflects the strong relationship between the two countries and is a step towards further strengthening economic ties. Both countries’ officials have conducted extensive discussions for the formalization of this agreement,” Saud stated, expressing happiness over the opportunities arising from the agreement.

During the discussion, Foreign Minister Saud and Assistant Foreign Minister Watts emphasized the need to conduct regular consultations and discussions on economic and investment matters to enhance bilateral cooperation. They highlighted the importance of the agreement in reinforcing the robust relationship between the two nations.

This latest development marks a significant step forward in economic collaboration between Nepal and Australia, opening doors for increased trade and investment opportunities.