KATHMANDU, May 8 (Xinhua) -- Nepal will intensify its cooperation with China within the framework of the China-proposed Belt and Road Initiative, officials said on Monday.
Proposed in 2013, the Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aiming at building a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes of Silk Road.
The Nepalese government decided at a Cabinet meeting on Monday to sign a Memorandum of Understanding (MoU) with China to ensure the country's participation in the initiative, Commerce Minister Romi Gauchan Thakali told Xinhua.
Nepal's decision to join the Belt and Road Initiative came following rounds of negotiations for months between the two countries on jointly promoting the initiative, officials said.
"We believe that Nepal's participation in the Belt and Road Initiative will create a win-win situation for both countries in the fields of cross-border road, air and railway connectivity, investment, trade, business, commerce as well as establishing cross-border economic zones," a senior official at the Nepal's Ministry of Foreign Affairs told Xinhua on Monday.