Kathmandu: Nepal and Russia have begun discussions to expand their bilateral trade beyond the traditional imports of crude oil and sunflower oil, according to the Nepal Foreign Trade Association (NFTA).
At a meeting held on August 18 in Kathmandu, Nepali officials and Russian representatives agreed to explore opportunities in various other goods and services, including pharmaceuticals, industrial raw materials, and agricultural products.
The talks follow Nepal’s growing dependence on Russian oil and sunflower oil in recent years. Russia has emerged as one of Nepal’s significant suppliers, with oil imports alone rising by more than 50 percent in the past two years, according to trade data presented at the event.
During the meeting, speakers highlighted the potential for Nepal to diversify imports from Russia while also seeking opportunities to increase Nepali exports. Products such as tea, coffee, carpets, handmade goods, and agricultural products were identified as areas where Nepal could expand its market access.
Officials from both sides stressed that strengthening logistics, reducing procedural hurdles, and enhancing cooperation between private sectors were key to increasing bilateral trade volume.
The NFTA said Nepal’s overall foreign trade deficit could be partially addressed if imports from Russia were balanced with higher Nepali exports. The association also called for government support to help Nepali exporters meet Russian standards and facilitate trade.
The meeting concluded with an agreement to continue technical discussions and explore signing a broader trade cooperation framework in the near future.