Acharya to give priority to trade accord with the UK

Kathmandu, Feb. 1

Newly appointed Nepali Ambassador to the United Kingdom Gyan Chandra Acharya said on Tuesday that he would give priority to Nepal-UK trade agreement during his tenure.

Nepal is mulling to sign a separate trade agreement with the UK following its exit from the European Union.

“Nepal is willing to make a separate agreement with the UK. This is the agenda of my priority as well,” he said at an interaction with the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).

In another interaction with the Confederation of Nepalese Industries (CNI), he said that he would also work to promote Nepali goods like carpets, handicrafts, readymade garments, tea and coffee that have high potential in the UK.

He said that the activities would be designed and implemented with the cooperation and collaboration with the private sector.

Acharya also indicated to the possibility to attract British grant support in socio-economic development.

Acharya appreciated the FNCCI for its initiation to create a vision paper on National Economic Transformation, 2030 and conduct a study on the impact of Nepal’s graduation to the developing nation from its current Least Developed Country (LDC) status. Nepal is graduating to the developing nation from 2026.

He said that the two documents will help him in understanding the perspectives of the private sector on the issues.

Speaking on the occasion, FNCCI President, Shekhar Golchha suggested that Nepal should accord priority to expanding investment and trade with the UK.

“Nepal has not got success in attracting investment from the UK despite its age-old relations,” he said. The UK is the country with which Nepal had established the first diplomatic ties.

He also said that since there were reforms in infrastructure, labour relations and energy supply, Nepal should try to attract FDI promoting these factors.

Senior Vice President of the FNCCI, Chandra Prasad Dhakal said that the provision to allow non-resident Nepalis to open foreign currency bank account will help to ease the liquidity situation.

Likewise, CNI president urged the ambassador to work to sustain trade facilitation Nepal is getting due to its LDC status even after its ascend to the developing nation.

He said that Nepal should work to attract British investment in infrastructure sector.

Immediate Past President of CNI, Satish Kumar More said that hydroelectricity, minerals, tourism, education and health could be the areas of FDI attraction.

Published in The Rising Nepal daily on 2 February 2022.