Kathmandu: Nepal should not make any delaying signing power trade agreement with India to intensify cooperation between the two countries in the hydropower sector, senior Nepalese leaders have said.
"We should not waste any more time to collaborate with India in the areas of hydropower cooperation," former head of the country's Council of Ministers Khil Raj Regmi said, pointing to many projects like the Pancheshwar Multipurpose Project on the Mahakali river, which has been delayed for two decades due to various reasons.
"Development of energy will open up avenues for economic development and prosperity for both the countries," he said during an event to mark India's Independence Day.
"Nepal should not make any delay in signing power deals with India if we are to move in the path of economic prosperity and development," Regmi said.
He, however, underlined the need for keeping Nepal's national interest in mind while signing the power deal with India.
During Prime Minister Narendra Modi's visit to Nepal early this month, the two nations signed an MoU regarding the amendment of Terms of Reference (ToR) of the Pancheshwar Multipurpose Project.
Under the agreement, the two countries have agreed to move forward works relating to Pancheshwar Development Authority by declaring Pancheshwar authority regulation.
The project falls under the integrated treaty on Mahakali River, bordering both Nepal and India, which was signed in 1996. It could not be developed earlier as the two countries could not decide on the terms of reference.
Regmi also praised Modi for mentioning Nepal's peace process in which the armed Maoists have transformed into peaceful political forces in his Independence Day speech at Red Fort in New Delhi.
"We need to complete the task of drafting the constitution on time in order to maintain peace and stability and also to open up avenues for economic prosperity," he said.
Speaking on the occasion, Finance Minister Ramsharan Mahat said, "Prime Minister Modi's policy of maintaining good relations and collaborating with neighbouring countries is worth appreciating."
"India emerging as a strong and vibrant economic power will also have rippling effect in the neighbourhood, from which we can also benefit a lot," Mahat said.
He said if the people of South Asia are to attain economic prosperity there is no alternative but to adopt liberal economic and political system.
Foreign Minister Mahendra Pandey said Nepal and India should collaborate and cooperate in the areas of trade, hydropower and tourism to exploit the vast opportunities available to both the countries for their common benefits.
Pandey said that Modi's visit to Nepal has helped to strengthen bilateral ties and expand cooperation between the two countries.
India's Ambassador to Nepal Ranjit Rae, addressing the function organised by Nepal India Friendship Society, said, "In this interdependent world, we in India have a realisation that we cannot grow in isolation; all countries in our region will have to grow together."
"If we are to attain double digit growth, we have to work together and identify areas in which we can work in a focused manner for the common benefit of our people, to reduce poverty and ensure a better future for our children," Rae said.
On the Indian Independence Day, Nepal's Vice-President Parmananda Jha wished peace, prosperity and stability to India.
"The people to people relations between the two countries existing for centuries is more important than the formal official-level relations," the Vice-President said.
