Kathmandu [Nepal], December 24 (ANI): Nepal needs to prioritize its best interests while executing China-initiated Belt and Road Initiative (BRI) projects, experts said as quoted by the Nepal Khabar.

Speaking at a seminar organized by the Center for Centre for Social Inclusion and Federalism, the panelists said that Nepal needs to do better negotiations with China while executing projects under the BRI.

Also Read | Bomb Cyclone: US Hit by Extreme Cold and Snow Storms, Mercury Dips Below -45 Degree Celsius in Montana, 13 Deaths Reported Till Now.

During the one-day event, former Foreign Minister Pradeep Kumar Gyawali said hat Nepal should prioritize its interests while executing projects under the BRI. "We have not held discussions with China on the funding modalities of the projects under the BRI. Let's do that," he said. Gyawali said that Nepal has not entered a negotiation with China on the free trade. "We can do that only after having enough negotiations," he said.

Prakash Sharan Mahat, a spokesperson for the ruling Nepali Congress, argued that Nepal is not in a position to accept commercial loans with higher interest rates under the BRI, Nepal Khabar reported.

Also Read | Ajay Ogula, A Dubai-Based Indian Driver Wins Rs 33 Cr Jackpot in UAE.

He said that the then Maoist-Congress government led by Pushpa Kamal Dahal had made enough homework before signing the Memorandum of Understanding (MoU) on the Belt and Road Initiative with China.

"We tried our best to serve our national interests while signing the MoU on BRI," Mahat said adding that Nepal had agreed to sign the agreement with its reservations on the matters of free trade, according to Nepal Khabar.

Mahat, who negotiated with China on the MoU on BRI in 2017 in the capacity of the foreign minister, said that Nepal can only accept grants under the BRI. He also ruled out the possibility of signing the Free Trade Agreement with China in near future.

"As of now, there is no possibility of signing the FTA with China. We need to carry out further studies on the matter," he said. Mahat said that Nepal is not in a position to get commercial loans from China to build cross-border railways. "If China agrees to provide grant assistance to build the railway, we will wholeheartedly welcome it," Nepal Khabar quoted Mahat as saying.

Srikanth Kondapalli, a professor of China studies at Jawaharlal Nehru University, New Delhi, said that Nepal should learn lessons from Sri Lanka. He said that China is increasingly making inroads in South Asia through projects under the BRI. (ANI)

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)