June 29: Nepal and Mongolia have inked an agreement aimed at fostering collaboration in the production and export of wool.

The agreement, which was signed during the World Export Development Forum 2023 in Ulaanbaatar, Mongolia, on Wednesday, brings together Nepali entrepreneurs and Mongolian officials with the goal of sharing knowledge and resources related to pashmina wool.

The Nepal Pashmina Industry Association and the Research and Development Institute of Light Industries of Mongolia have signed a memorandum of understanding.

This agreement focuses on enhancing cooperation in the areas of pashmina wool production, quality control, and analysis. By exchanging expertise and resources, both countries aim to further develop their respective wool industries.

The memorandum of understanding will be effective for five years, with the possibility of extension through mutual agreement.

The signing ceremony took place in the presence of Madhu Kumar Marasini, Secretary at the Ministry of Industry, Commerce and Supply of Nepal, and Jambaltseren Tumur-Uya, State Secretary of the Mongolian Ministry of Food, Agriculture and Light Industry.