NCCCI welcomes China's move on zero-tariff

21 May '10

2 min read

An agreement between Nepal and China regarding zero-tariff on Nepali products in the Chinese market has been accepted by the Nepal China Chamber of Commerce and Industry (NCCCI). This facility that is granted by China, will prove helpful in reducing the trade deficit between both the countries, said the bilateral association.

Following this agreement on a Letter of Exchange (LoE), Nepal will get duty-free access on 4,721 goods that will be exported to China. Whilst earlier, Nepali goods exported to China were charged with a 10-35 percent customs duty.

As per the statistics from NCCCI, during the 2009-10 fiscal, trade deficit between the two countries was Rs 32.21 billion, as compared to Rs 22 billion during 2008-09.

Amongst the 4,721 products that will get duty-free access in the Chinese markets, essential items such as carpet, leather, coffee, juice and silver jewelry are also inclusive.

NCCCI also intends to develop a three-year plan targeting Chinese market. This plan is likely to include development, promotion and diversification of the exportable items, stated NCCCI, which also emphasizes on developing Special Economic Zones (SEZs).

Nepali entrepreneurs have to explore more goods for export purpose, which can enjoy zero-tariff facility and help expand trade opportunities, suggested the Chinese ambassador.

Fibre2Fashion News Desk - India

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