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Future Connectivity Chinese One Belt, One Road: Prospects and Implications to Nepal

Bista, Raghu (2019): Future Connectivity Chinese One Belt, One Road: Prospects and Implications to Nepal. Published in: The Journal of Economic Concerns , Vol. 10, No. 1 (1 January 2019): pp. 1-16.

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One Belt, One Road (OBOR) that is a Belt and Road Initiative (BRI) is a connectivity approach of China with the objectives of integrating 68 countries of the world by road and maritime for new connectivity, new trade flow and new world order for Asia Pacific and Europe. At initial level, Nepal was not a part of OBOR. In recent years, Nepal is a part of BRI. In this context, BRI is a key concern of Nepalese economy, trade and investment in the constraint of the geopolitical blocked for better connectivity beyond Neighbor Countries, India and China. This paper has a curiosity whether BRI will have better connectivity for great trade prospects and its positive implication to Nepal. This paper examines this research question with the secondary data base of foreign trade by employing Econometric Model based on Gravity Model and descriptive statistics. Based on the assumptions, BRI is a good opportunity for better connectivity, better regional integration and accessibility, better and fast transportation with minimum value addition and tremendous market access and size. As result, it is an opportunity for export trade if Nepal has exportable items but there is a pressure of import trade. In tourism, it will have positive implications with 441.8 million Rs income from 0.6 million Chinese tourist arrivals, along with investment and technology transfer, despite dept trap risk. Therefore, OBOR may be a better prospect.

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