Nepal officially joins BRI; South Korea announces and retracts martial law

This week remained dynamic in the global affairs. Amid the intensification of conflict in the Levant region, India's security concerns amplified after the news related to Nepal officially becoming a participant in China's Belt and Road Initiative (BRI) broke.

- ANSHU JOSHI

Also, the week observed the announcement of Martial Law in South Korea that shocked the world; however, the law was lifted, leaving the nation in a political chaos.

Nepal has officially become a participant in China's BRI Initiative. During Prime Minister KP Sharma Oli's visit to Beijing, an agreement was signed that allows Kathmandu to engage in Xi Jinping's flagship project. The discussions between Oli and Xi encompassed various topics, including connectivity, industrial growth, infrastructure development, as well as trade and tourism.

Prime Minister Oli's four-day official visit to China concluded this week, following a bilateral meeting with his Chinese counterpart, Li Qiang, in the capital city.

In a recent announcement on X, Nepal's foreign ministry confirmed, "The Government of Nepal and the Government of the People's Republic of China signed the Framework for Belt and Road Cooperation today."

Several agreements were formalized, including a correspondence exchange concerning the construction of the Tokha-Chhahari tunnel road in proximity to Kathmandu. Additionally, a Memorandum of Understanding (MoU) was established to promote trade between Nepal and China, alongside the exchange of completion certificates for the renovation of the historic nine-storey palace located in Basantapur, Kathmandu.

Furthermore, MoUs were signed addressing development and construction projects, economic and technical assistance, Chinese language education, and collaboration in communication technology between Nepal Television and China Media Group.