UAE signs trade pact with Nepal

28 Apr 2010

(MENAFN) The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) signed an agreement with the Federation of UAE Chambers of Commerce and Industry (UAE-FCCI), , Khaleej Times reported.

The agreement is for five years and automatically renewable by both parties. It aims to further promote bilateral trade and commerce in the private and government sectors.

Nepalese officials affirmed that the trade between the two countries is very much in favor of the UAE with around $40 million trade deficit with the UAE in 2008-2009.

Although the volume of bilateral trade reached $47 million, Nepal?s volume of export to the UAE remained very short and stands at only $7 million.

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