KATHMANDU, Oct 19: Nepal and China on Wednesday signed a memorandum of understanding (MoU) on the bilateral exchange of information on the areas of consumers’ rights protection, and trade and commerce relations.
The understanding was signed by Minister for Supplies Deepak Bohara and China’s Minister of State Administration for Industry and Commerce Zhang Mao.
“The intention of the understanding is to initiate bilateral exchange of information on the areas of consumers’ rights protection, further stepping up of the implementation of existing rules and regulations in the areas, help create a competitive market environment, and more particularly, accentuate the trade relations between the two countries,” the Ministry of Supplies said in a statement.
The important areas of cooperation include, among others, the mutual exchange of information on newly-effective rules and regulations, routinely hold consultations by officials on the matters of common concerns, information sharing on new practices of trade and commerce, and periodic exchange visits by government officials, trade experts and consumer’s rights activists.
“The MoU is a milestone in the strengthening of trade relations between the countries and shows that the Government of Nepal has been consistently making efforts toward protecting consumers’ interests,” the statement quotes Deepak Bohara as saying at a ceremony after the signing of the MoU.
Zhang Mao, on the occasion, said the MoU would reinforce traditional trade and commerce relations between Nepal and China, and help protect the interests of consumers of both countries.
During the ceremony, Prem Kumar Rai, Secretary at the Ministry of Supplies, said the MoU would be instrumental in underpinning trade and commerce relationship between the two friendly countries.