Prime Minister Narendra Modi on Sunday (local time) held a bilateral meeting with Nepal’s Prime Minister KP Sharma Oli at Lotte New York Palace Hotel in New York. “The meeting was very good,” Nepal PM Oli told ANI after his meeting with PM Modi.
This is the first meeting between the two leaders after KP Sharma Oli took oath as Nepal’s PM for the third time in July this year, succeeding Pushpa Kamal Dahal ‘Prachanda’.
PM Modi had congratulated Oli in July this year after he was appointed as the Prime Minister of Nepal. He had expressed hope to work closely to further strengthen the deep bonds of friendship and expand the mutually beneficial cooperation between the two countries.
Nepal shares border with five Indian states of Sikkim, West Bengal, Bihar, Uttar Pradesh and Uttarakhand. The age old civilizational and cultural ties that exist between India and Nepal are exemplified by the strong people-to-people link between both countries. Nepal is a priority partner of India under its ‘Neighbourhood First’ Policy.
The bonds of friendship between the two countries are also strengthened by regular exchanges at high level between India and Nepal. Since May 2014, there has been 17 exchanges at the level of Head of State/ Head of Government. PM Modi has visited Nepal five times since May 2014 and Prime Ministers of Nepal have visited India 10 times since May 2014. The last visit by PM Modi to Nepal was his visit to Lumbini in May 2022, on the holy occasion of Buddha Purnima.
Indian firms are among the largest investors in Nepal, accounting for 33.5% of the total FDI stock in Nepal, worth nearly USD 670 million. Nepal is India’s 17th largest export destination, up from 28th position in 2014. India constitutes 64.1% of the total trade of Nepal, comprising about $8.85 billion USD (Indian FY 22-23). This includes $8.015 billion USD of exports from India to Nepal and $839.62 million USD of exports from Nepal to India.
India is Nepal’s largest export destination, receiving an overwhelming 67.9% of its total exports . Nepal’s exports mainly constitute edible oil, coffee, tea and jute. Nepal’s main imports from India are petroleum products, iron and steel, cereals, vehicles and parts, machinery parts.
PM Modi arrived in New York in the second leg of his three-day visit to the United States. On Saturday, PM Modi took part in the Quad Summit and held bilateral meetings with US President Joe Biden, Australian Prime Minister Anthony Albanese and Japan Prime Minister Fumio Kishida.
Quad has emerged as a key group of like-minded countries to work for peace, progress and prosperity in the Indo-Pacific region.PM Modi and President Biden reviewed and identified new pathways to further deepen the India-US Comprehensive Global Strategic Partnership.
PM Modi interacted with important American business leaders, who are the key stakeholders, and provide vibrancy to the unique partnership between the largest and the oldest democracies of the world. He will also address the Summit of the Future at the UN General Assembly in New York. (ANI)
