His Majesty's Government of Nepal and the Government of the Democratic People's Republic of Korea (hereinafter referred to as the Contracting parties) being desirous of promoting trade relations between the Kingdom of Nepal and Democratic People�s Republic of Korea on the basis of equality and mutual benefit, have agree as follows: -
The two Contracting Parties shall take all measures necessary for promoting trade between the two countries as per lists;A" and;B" which are in integral part of this Agreement.
The trade between the two countries shall be conducted in accordance with their respective laws, regulations and procedures relating to import and export of goods and on the basis of the contracts to be concluded between the juridical and physical persons of the Kingdom of Nepal and the foreign trade corporations of the Democratic people�s Republic of Korea.
The contracts concluded during the validity of this agreement shall remain effective even after the expiry or termination of this agreement.
The two Contracting parties agreed that the price for the goods and commodities to be exported or imported under this Agreement shall be fixed by mutual agreement between the physical and juridical person of the Kingdom of Nepal and the foreign trade corporation of the Democratic People�s Republic of Korea. This Agreement shall come into force from the date of its signature and shall remain valid for a period of two years. In case neither of the Contracting parties shall have given the other party a written notice three months before the expiration of this Agreement to terminate this Agreement it shall continue in force for another period of two years. Done in Pyongyang on December 11, 1970 in Duplicate in Nepali, Korean and English languages all the texts being equally authentic, in case of any difference in interpretation the English text shall prevail.
Nayan Raj Panday
For His Majesty�s Government of
For the Government of the
Republic of Korea
Commodities to be exported from the Kingdom of Nepal to the Democratic People�s
Republic of Korea
* Export banned, since October 1973
Commodities to be exported from the Democratic People�s Republic of Korea
To the Kingdom of Nepal