Minister Bhandari, Ferran discuss Nepal-EU trade issues

KATHMANDU: Myriam Ferran, Deputy Director General at the European Commission, met with Minister for Industry, Commerce and Supplies, Damodar Bhandari, on Wednesday.

In the meeting, held at The Soaltee Kathmandu,Minister Bhandari expressed his appreciation for the European Union's ongoing support and cooperation in Nepal's socio-economic development. "Nepal and the EU have maintained close relations since 1974, and Nepal places great importance on the cooperation and support from the EU," said Minister Bhandari. He noted that Nepal and the EU share common values regarding the importance and relevance of democracy, freedom, and pluralism.

He emphasised the need for cooperation across multiple sectors to achieve sustainable development goals (SDGs), collective goals of the world, and to address urgent issues such as global hunger and climate change crisis.

According to Minister, as Nepal is transitioning from a Least Developed Country (LDC) to a middle-income country, it requires technical and economic support from its development partners, including the European Commission, to sustain this historic transformation.

Minister Bhandari stated that the relations and cooperation between Nepal and the EU are based on mutual respect. Describing the EU as a major market for Nepali goods and services, he urged the Commission to ensure easy access for Nepali exportable goods to the EU market.

He also commended the EU's role in enhancing Nepal's trade capacity and in developing the value chain. Expressing his hope that Nepal-EU relations will strengthen in the future, he said, "As we pursue post-Covid economic recovery and progress towards becoming a developing country, we need more investment in various development sectors."

In response, Deputy Director Ferran pledged her support for expanding the EU market for Nepali goods. She called for an increase in exports of goods from Nepal to the EU, stating that the EU is eager to see market expansion for Nepali goods in the EU. "We will spare no effort to cooperate with Nepal towards achieving this goal," she said.