Nepal and Myanmar sign trade agreements to boost bilateral trade

Nepal and Myanmar on Friday inked agreements that will pave way for more bilateral investments between the two countries in the areas of trade, tourism and cultural exchanges.

The MoUs were signed in the presence of Nepal's Prime Minister K P Sharma Oli and Myanmar's State Counsellor Aung San Suu Kyi.

The Myanmar leader arrived here on Thursday to attend the Asia Pacific Summit, which will bring together heads of states and governments, lawmakers, eminent leaders, businessmen and leaders of civil society of the Asia Pacific region.

The summit is scheduled from November 30 to December 3.

This is the first time such agreement has been reached between the two countries. The Federation of Chambers of Commerce and Industry of the two countries already have an agreement on trade and exchange since the past, my Republica reported.

Currently, Nepal imports lentil and food grain from Myanmar, and the agreement is expected to further promote trade between the two countries.

The bilateral trade volume between Nepal and Myanmar stands at just USD 3.86 million.

The two countries also held discussions to establish air connectivity.

Nepal also plans to begin direct air service with Myanmar once the second international airport being constructed in Lumbini is completed, an official at the Foreign Ministry said.

Myanmar has constructed a temple in Lumbini, the birthplace of Gautam Buddha.

Oli and Suu Kyi also discussed matters pertaining to further activating the Bay of Bengal Initiative for Multi-Sectoral, Technical and Economic Cooperation (BIMSTEC), sources close to the PM said.

Suu Kyi also paid a courtesy call to President Bidhya Devi Bhandari at the Rastrapati Bhawan on Friday.