Nepal and China on Friday signed a Memorandum of Understanding (MoU) on bilateral cooperation under the framework of the Belt and Road Initiative, a media report said.
Nepal Foreign Secretary Shanker Das Bairagi and Chinese Ambassador Yu Hong signed the MoU here at a ceremony, Xinhua news agency reported.
Bairagi said the agreement is an important milestone in the Nepal-China relationship, bringing bilateral ties to a new height.
"Nepal is aspiring to benefit from the rise of China which is our close neighbour," he said.
"Nepal has just become a member of the China-proposed Belt and Road Initiative, thanks to the Chinese leadership for introducing such a wide concept that seeks to enhance mutually beneficial cooperation between China and various countries and regions around the world," Deputy Prime Minister Krishna Bahadur Mahara said.
He believed that Nepal can benefit in various sectors through the initiative in the days to come.
"Nepal is gradually moving forward from the status of least-developed country, our economic growth is rising, and is full of possibilities, so with the Chinese assistance, we can attain economic prosperity," he said.
The Belt and Road Initiative was introduced in 2013 aiming to build a trade and infrastructure network connecting Asia with Europe and Africa along the ancient trade routes.