Nepal-UAE Joint Press Release on the 1st Trade and Investment Cooperation Meeting Held at Commerce/Trade Secretary Level
The 1st Meeting of Nepal-United Arab Emirates (UAE) on Trade and Investment Cooperation held on 25 June 2018 in Kathmandu. The Nepali delegation was led by Mr. Chandra Kumar Ghimire, Secretary (Commerce and Supplies), Ministry of Industry, Commerce and Supplies, Nepal and the UAE delegation was headed by Mr. Abdulla Ahmed Al Saleh, Under-Secretary, Foreign Trade and Industry, Ministry of Economy, UAE.
At the opening session, leader of both sides delivered their opening statements where both leaders acknowledging the important and friendly bilateral relations between two counties, underscored the need of further enhancing bilateral engagement for promoting trade, investment and economic cooperation.
During the meeting, Nepali side made a comprehensive presentation on Nepal's existing policies and logistics framework for foreign investment in Nepal with a view to disseminating investment related information to the UAE side. Nepali side highlighted on the framework Agreement on Trade, Investment and Technical Cooperation to further enhance bilateral relation. The UAE delegation appreciated Nepal's presentation and mentioned that it had clarified many of their concerns concerning to investment in Nepal.
Both sides agreed that notwithstanding enormous potentials, Nepal and the UAE are yet to harness benefits in trade, tourism, agriculture, hydropower, agriculture and other sectors that are equally advantageous to the economy and people of the two countries. The low volume of trade, small size of investment and business ties call for deeper engagement between the two sides to enhance and further deepen the bilateral relations. In this regard, both sides emphasized to exert their full efforts to expand the volume of trade and increase investment between the two countries through enhancing partnership, collaboration and mutual cooperation.
Both sides noted that there are ample opportunities for furthering economic cooperation. Conclusion of bilateral agreements such as Agreement on Economic Cooperation, Agreement on Protection and Promotion of Investment, Agreement on Avoidance of Double Taxation, are some of the key instruments that could be taken as important tools to contribute to enhance trade and investment relations between the two countries in the days to come. Both sides also discussed the possibility to develop and sign an MoU identifying key areas of support, based on which they can move concrete steps in the days ahead.
The two sides agreed to promote exchanges and cooperation in merchandise trade, services trade, tourism, hydropower, agriculture, among other potential sectors. Both sides agreed to encourage their respective business community to increase business interaction, connectivity and linkages for increasing bilateral trade and investment relations in the days to come.
Both sides discussed about the participation in Dubai Expo 2020. The UAE side agreed to provide optimal support in connection with the facilitation for Nepal's participation in the Expo 2020 in Dubai. In addition The UAE delegation requested to participate in the Gulf Food Exhibition 2019 in Dubai and AIM.
Both sides underscores setting up a permanent mechanism for organizing meeting on regular basis for boosting trade, investment, tourism and so on.
It was agreed that the next round of Commerce Secretary Level meeting will be held in the UAE at mutually convenient time.
The meeting was held in a very cordial and friendly atmosphere.