In a significant development, Nepal and Australia have solidified their economic relations by signing the Nepal-Australia Trade and Investment Framework (TIFA) during the ongoing visit of Nepalese Foreign Minister NP Saud to Australia.
The agreement was officially inked by Nepal’s ambassador to Australia, Kailash Raj Pokharel, and Australia’s Assistant Minister for Foreign Affairs, Tim Watts. The signing ceremony took place in the presence of Foreign Minister Saud and his Australian counterpart, Penny Wong, as confirmed by the Minister’s Secretariat and the Ministry of Foreign Affairs.
Both ministers emphasized the historic nature of the moment, highlighting its potential to elevate the friendly relations between the two nations.
“Australia and Nepal are close friends, and our relationship is underpinned by deep people-to-people links – Nepali Australians are our fastest-growing migrant community,” tweeted Tim Watts following the agreement signing. He views the TIFA as another testament to the robust ties shared between the two countries.
Watts also reflected on his visit to Nepal last year, where he engaged in discussions with representatives of the Nepalese government and leaders from various sectors. During these talks, opportunities and measures to deepen mutual relations between Nepal and Australia were explored.
Recalling his meeting with Minister Saud, Watts expressed satisfaction with the progress made in furthering economic ties between the two nations. The signing of the TIFA marks a significant step in the economic and investment framework, laying the foundation for enhanced collaboration.
The commitment to strengthen economic relations between Nepal and Australia has been a focal point in recent high-level discussions between officials from both countries. The formalization of the agreement is expected to pave the way for increased cooperation and opportunities in trade and investment, fostering a new era of economic collaboration.
