WORLD NEWS | Nepal needs to prioritize its interests in implementing China’s Belt and Road Initiative: expert

Kathmandu [Nepal]December 24 (ANI): Nepal needs to prioritize its best interests while implementing China-initiated Belt and Road Initiative (BRI) projects, Khabar Nepal quoted experts as saying.

Participants at a seminar organized by the Center for Social Inclusion and Federalism said Nepal needs to negotiate better with China as it pursues its Belt and Road project.

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During the one-day event, former foreign minister Pradeep Kumar Jawali said Nepal should prioritize its own interests in implementing the Belt and Road project. “We haven’t had discussions with China on how to finance ‘Belt and Road’ projects. Let’s discuss,” he said. Jawali said Nepal has not yet negotiated free trade with China. “We can only do this after enough negotiations have taken place,” he said.

Prakash Sharan Mahat, speaker of the ruling Nepalese parliament, has argued that Nepal cannot accept business loans with higher interest rates under the Belt and Road Initiative, Nepal Khabal reported.

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He said the then-Maoist Congress government led by Pushpa Kamal Dahal had done their homework before signing the BRI memorandum of understanding with China.

“We tried our best to serve our national interest when we signed the BRI MOU,” Mahat said, adding that Nepal had agreed to sign the agreement but, according to Nepal Khabal, was concerned about the free trade issue. With reservations.

Mahat, who negotiated a memorandum of understanding with China on the Belt and Road Initiative in his capacity as foreign minister in 2017, said Nepal could only accept grants under the initiative. He also ruled out a free trade agreement with China in the near future.

“Currently, there is little possibility of signing a free trade agreement with China. We need to do further research on the matter,” he said. Mahat said Nepal was unable to secure commercial loans from China to build the cross-border railway. “If China agrees to provide free assistance for the construction of this railway, we will wholeheartedly welcome it,” Mahat was quoted as saying by Nepali Khabal.

Srikanth Kondapalli, a professor of Chinese studies at Jawaharlal Nehru University in New Delhi, said Nepal should learn from Sri Lanka. China is increasingly entering South Asia through projects under the Belt and Road Initiative, he said. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)