Australia’s Minister for Foreign Affairs Senator Penny Wong and Nepali counterpart Minister for Foreign Affairs of Nepal Narayan Prakash Saud witnessed the signing of the Australia-Nepal Trade and Investment Framework Arrangement (TIFA). The signing event occurredin the margins of the Seventh Indian Ocean Conference, heldin Perth, Australia, from 9-10 February.
Tim Watts MP, Australia’s Assistant Minister for Foreign Affairs, and Ambassador of Nepal to Australia, Kailash Raj Pokharel, signed the TIFA, which seeks to deepen economic relations and promoteexpanded trade between Australia and Nepal.
Australia and Nepal enjoy strong bilateral relations including in trade and investment. Australia is Nepal’s sixth largest foreign investment partner and an international destination of choice forhigher education and vocational training for Nepali students.
Australia is supporting Nepal’s tourism industry recovery. Almost 39,000 Australians visited Nepal in 2023, making Australia Nepal’s fifth largest source of foreign tourists. Nepal’s export of services to Australia jumped from $78 million to $160 million in 2022-23, led by strong growth in travel services to Nepal.
Flourishing people-to-people links between the two countries have created a solid foundation for growing, mutually beneficial economic relations. The Nepali diaspora community numbers more than 150,000 and is well placed to further develop bilateral economic and commercial opportunities. Sectors such astourism and hospitality, Nepal’s emerging information and communications technology sector and agribusiness show particular promise.
The TIFA represents an important milestone as Australia and Nepal celebrate 64 years of bilateral relations in February 2024.