Nepal and Taiwan have signed a memorandum of understanding (MoU) to boost bilateral trade relations.
The signing of the memorandum of understanding will serve as the basis for business exchanges between the two sides, deepening bilateral trade ties, according to the Taiwan External Trade Development Council.
President of Lalitpur Chamber of Commerce and Industry Ajar Man Joshi and president and chief executive of the council Chao Yuen-chuan signed the MoU on behalf of their respective countries, on Friday.
Nepal exported merchandise worth Rs 749.47 million to Taiwan, whereas it imported merchandise worth over Rs 2.35 billion from Taiwan in 2012, according to the statistics of Trade and Export Promotion Centre.
On the basis of exports, Taiwan is the 31st biggest market for Nepal, whereas on the basis of imports, it is the 16th biggest exporter to Nepal as its exports stood at 0.4 per cent of Nepal's total imports in 2012.
Taiwan exports plastic products, machinery and textiles, while its imports metal accessories, blankets and scarves from Nepal.
"Taiwan hopes to use the memorandum as an opportunity to forge a closer trade partnership with Nepal and further expand bilateral trade volume," the Taiwan External Trade Development Council — Taiwan's main trade promotion body — said.