Prime Minister KP Sharma Oli has said that his visit to China has been successful in putting up a framework for long-term economic cooperation with the northern neighbour.

Addressing journalists on Sunday afternoon at the Tribhuvan International Airport upon his arrival from a week-long official visit, Oli hailed the Transit Transport Agreement as a milestone in paving the way for deepening bilateral relations.

“We have a clear policy of not comparing our neighbours,” said PM Oli, refusing to get drawn into comparing Nepal’s ties with its two neighbours. “We’ll expand and improve our relations with all our friends on the basis of equality and mutual interests.”

During the visit, the two countries signed seven memoranda of understanding related to transit transportation, infrastructure, energy, trade, banking and investments. Oli also held talks with Chinese leaders President Xi Jinping and Premier Li Keqiang.

Oli claimed that high-level meetings and engagements with the Chinese leadership had increased the confidence and understanding at the political level, and that the MoUs signed during the visit had widened the areas of cooperation and his interaction with Chinese academia and business community had laid strong foundation for people-to-people contact.

“We have to develop our country,” said PM Oli, highlighting the key outcome of the visit. That included accelerating the feasibility study of projects to repair, open and maintain Araniko and Syaphrubesi-Rasuwagadhi highways; build a bridge over Karnali River at Hilsa. The two sides also agreed to accelerate the upgradation of Kathmandu Ring Road 1st phase and start the feasibility study for the 2nd phase at appropriate time.

“The focus from here on will be on reconstruction and that the overall economic development is the foremost priority for prosperity and progress.” Prime Minister Oli said his visit had helped deepen mutual respect for national sovereignty and territorial integrity. Asked when the new transit agreement with China will come into operation, he handed the mike over to Deputy PM and Minister for Foreign Affairs Kamal Thapa.

“This agreement is one of the major achievements of the visit and it is a milestone.

It has come into operation automatically after the signing,” said Thapa at the press conference.

For effective implementation of the agreement, the two sides will expedite a joint study for implementation of the agreement immediately where process of trade will begin soon after, said Thapa.

The Chinese side agreed to provide financial support on preferential terms for Pokhara Regional International Airport. The Nepali side requested a Chinese assistance for the preparation of Detailed Project Report (DPR) and construction of a dedicated two-lane Kimathanka-Khandbari-Dhankuta Road and upgrade Kathmandu Ring Road 2nd Phase.

When asked about the possible political fallout after signing several accords with China—a question aimed at possible Indian perception—Thapa said, “Nepal wants good relations with both its neigbhours and features of our ties with both neighbours are different and they cannot be compared to each other. For our larger national interest, we will maintain good relations with both of them.”