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Nepal, China Conclude First Round of Talks on Tariff
Nepal and China have concluded the first round of talks on abolishing dual tariff and prevention of financial fraud, the Chinese economic counselor to Nepal told Xinhua Friday.
"During the four-day consultation that concluded Thursday, the two sides agreed in principle to abolish dual tariff to promote bilateral trade and investment," said Wei Zetai, the economic counselor.
But some of the articles in the draft agreement on the avoidance of double taxation and prevention of fiscal evasion remain to be finalized and an agreement is expected to be signed during the second round of talks to be held in Beijing early next year, he said.
China is one of Nepal's major trading partners with bilateral trade volume reaching about 27.5 million U.S. dollars in fiscal 1998/99, according to statistics provided by the Chinese Economic Council.
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