South Korea's emergency martial law, declared by President Yoon Suk-yeol Tuesday night, was lifted early Wednesday at a cabinet meeting after the parliament voted against it.
The motion to remove the martial law order was approved at an urgently convened cabinet meeting, according to multiple media outlets.
Before the meeting, Yoon said in a televised address that martial law troops were withdrawn as demanded by the National Assembly, vowing to lift the martial law at a cabinet meeting.
Meanwhile, the president asked the National Assembly to stop paralyzing state affairs by trying to impeach government officials, slash the government's budget for next year and launch a special prosecutor's team for investigation into scandals involving the first lady.
Yoon declared the emergency martial law Tuesday night, marking the first martial law declaration since the country's military dictatorship ended in the late 1980s.
The National Assembly held a plenary session, passing a resolution to lift the martial law with 18 lawmakers of the ruling People Power Party and 172 lawmakers of opposition parties in attendance and voting in favor.
In accordance with the constitution, the president should lift a martial law when the 300-member parliament demands the lifting with a majority of lawmakers voting in favor.
S Korea's martial law lifted at cabinet meeting
Nepali Prime Minister KP Sharma Oli on Wednesday highlighted the importance of stronger business ties with China at the Nepal-China Business Forum in Beijing, calling for joint efforts of the business community from both sides to achieve mutual benefit.
Oli is in China for a four-day official visit, during which he met with Chinese President Xi Jinping and Premier Li Qiang on Tuesday.
On Wednesday afternoon, he delivered a keynote speech at the forum, in which he spoke highly of the close relationship between the two nations.
"We are not only linked by mountains and rivers, but we are also connected by culture and situation on economic relations, respect for sovereign equality, territory integrity, political independence as well as mutual trust," said the prime minister.
Oli also encouraged businesses from both countries to deepen cooperation.
"I encourage the business community from both countries to work together for mutual benefit. Your increased collaboration and partnership will contribute to further enhancing our economic cooperation. I believe the private sector is the real engine of economic growth and prosperity," he said.
India, as Nepal's largest trading partner, accounts for two-thirds of Nepal's international trade, whereas China, as the second largest, now accounts for about 14 percent. Nine agreements have been signed between China and Nepal, with some of them focusing on enhancing business ties.
According to some participants in the forum, there is still much room for the two countries to expand cooperation in trade and investment.
"Our export is very much low, if we compare with the lot of import from China. So we need to export more items to China. Border connectivity also needs to be improved [more] than what we already have," said Chandra Prasad Dhakal, president of the Federation of Nepalese Chambers of Commerce and Industry.
"From January to September this year, the trade volume between China and Nepal reached 1.58 billion U.S. dollars, marking an 8.7-percent year-on-year increase, showcasing the great potential of bilateral economic and trade cooperation," said Zhang Shaogang, vice chairman of the China Council for the Promotion of International Trade.
Nepali prime minister stresses importance of stronger business ties with China
