Kathmandu,
Nov. 29: The country aims at amplifying
the message through the second Nepal Trade Policy Review Meeting (NTPRM) being
held next week at the World Trade Organisation (WTO) in Geneva that the country
has a favourable investment climate and immense business potential.
The
Ministry of Industry, Commerce and Supplies (MoICS) is set to highlight the
investment opportunities in the country, the reforms it made in the past six
years and economic development policy.
“We want to
assure the world that Nepal’s policies are favourable for the Foreign Direct
Investment (FDI) in many sectors,” Secretary for Commerce Chandra Kumar Ghimire said in
an interaction with the journalists at the Ministry on Thursday.
“Our
tariff regime is liberal,” he added.
According
to him, political stability, conflict resolution and smoothening energy supply
have given an impression that Nepal is a vibrant investment destination.
The
NTPRM is slated for December 3 and 5 where all WTO member countries will
present their views on Nepal’s trade policy it adopted in the last six years,
from 2012 to 2018.
The
first NTPRM was held in 2012.
Nepal
became the 147th member of the WTO in 2004. According to the WTO
rules, the Least Developed Countries (LDCs) should review their trade policy in
every six years whereas the developed and developing nations are required to
perform this task every two and four years respectively.
A
committee led by Secretary Ghimire had prepared a review report and sent it to
the WTO while, at the same time, the
Secretariat of the multilateral organisation also visited Nepal and prepared another
review report.
The
report has been studied by 164 WTO member nations and they raised 111 questions.
“We have responded to most of the questions while some are being answered,”
said Toya Narayan Gyawali, Joint-Secretary of the MoICS.
He
said that the review reports on Nepal will be discussed for the two whole days.
According
to the Ministry, Nepal has made a significant progress in terms of policy
formulation and implementation in the areas of energy, investment, tourism,
agriculture, bilateral trade treaties, intellectual property, FDI and trade in
goods and services.
“Member
nations will know that we have made some significant policy progress in
creating investment environment which will contribute to more FDI and tourism
inflow,” said Gyawali.
He
said that the country would learn immensely from the review as other countries
would point out its weaknesses and suggest better policy options.
This
is also the time when the multilateral organisation monitors whether the policy
of the member countries is as per the WTO standards.
The
review report submitted to the WTO includes the economic environment of the
country, institutional framework, trade policy instruments, objectives and
trade agreements, aid for trade and sectoral policies such as agriculture,
manufacturing and services – financial services, telecommunication, transport
and tourism.
It
also carries sections on measures directly affecting imports and exports, and
measures affecting production and trade.
A
delegation led by Ghimire will attend the NTPRM in Geneva which will include
Gyawali, Nepali Ambassador to Geneva, Deputy Chief of Mission and a
joint-secretary from the Ministry of Foreign Affairs (MoFA).
Published in The Rising Nepal daily on 30 November 2018.