Himalayan News Service
KATHMANDU: Nepal got zero-tariff for 4,721 products in Chinese market.
Purusottam Ojha, secretary of Ministry of Commerce and Supplies (MoCS) and Qui Guohong, Chinese Ambassador to Nepal today signed an agreement on Letter of Exchange (LoE) regarding zero-tariff on 4,721 Nepali products to Chinese market.
Before the agreement Nepali exportable products were charged 10 per cent to 35 per cent customs duty.
The agreement on LoE will help decrease trade deficit with China, OJha said adding that amongst 4,721 products, 361 products will get direct benefit. The most essential products like carpet, leather, coffee, Juice and silverware will get zero-tariff in the Chinese market, he added.
Earlier, China has announced top provide zero-tariff to Least Developed Countries (LDCs) gradually. Tariff reduction has been a key issue in global trade, the envoy said adding that China is committed to WTO. China is against the trade protectionism as it hurts the global trade, he added.
During the year 2009 bilateral trade registered $414 million. The trade balance is in favour of China. This agreement will help Nepal balance the trade deficit, Guohong said.
Requesting to take part in the trade expos that are going to be held in China he also urged the entrepreneurs to take advantage from the concession.
Welcoming the Chinese gesture, president of Confederation of Nepalese Industries (CNI) and CA member Binod Chaudhary asked China to open up more. We are hopeful that China will gradually provide zero-tariff to 90 per cent goods, he said. Nepal also looks forward to Mutual Investment Agreement with China, Chaudhary added.
Supporting the envoy on development of Export Promotion Zone (EPZ) at Panchkhal, he also requested China to help in it.
The major Nepali exportable products to China are mushroom, orange, cherry, coffee, carpet, garment, beer, incense-sticks, match sticks, apple, tomato, onion, potato, strawberry, honey, cauliflower, brocauli, biscuit, grapes, soap, shampoo, mineral water, textile cotton clothes, wool, brass, fruit juice, leather products, marble, paints, ceramics, jewellery, copper wire, and cable which has been granted free customs.
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