Trade enables economic growth: Chand

Kathmandu, June 23: Minister for Commerce Jayant Chand Thursday acknowledged trade as an enabler of sustainable development, poverty reduction and sustained economic growth.

Speaking at the Fifth Meeting of Trade Ministers of Landlocked Developing Countries (LLDCs) organized by the United Nations Office of the High Representative for the Least Developed Countries, LLDCs and Small Island Developing States (UN-OHRLLS) and World Trade Organization (WTO) in Geneva, he said, “However, various geographical, physical and structural constraints faced by LLDCs have impeded their share in the global trade which is around 1.2 per cent currently.”

Minister Chand underscored the importance of unfettered and unhampered transit access to the nearest sea for the LLDCs.

He demanded that transit rights of LLDCs be respected in all situations.

Highlighting the role of Trade Facilitation Agreement reached in WTO in 2013 for facilitating transit issues, especially for LLDCs, Minister Chand emphasized on the need to invest more on modern transport infrastructure network and to ensure multimodal bilateral and regional transport connectivity,  Permanent Mission of Nepal in Geneva said in a statement.

Commerce Minister Jayant Chand

Referring to the damage of the economy of Nepal by the earthquakes last year, he expressed that building resilience was important for countries like Nepal. 

He thanked the international community for the solidarity and support in the aftermath of the earthquakes.

In his statement, Minister Chand highlighted that Vienna Plan of Action and 2030 SDGs have addressed the special development needs and challenges of the LLDCs in the spirit of leaving no one behind. 

He called for north-south, south–south and triangular cooperation, as well as enhanced and strengthened global partnership for transfer of technology, finance, ideas and know how which were essential to implement all globally agreed development goals including VPOA and SDGs.

The theme of the Ministerial Meeting is ‘Harnessing the trade potential of the LLDCs to implement the Vienna Program of Action for LLDCs and 2030 Agenda for Sustainable Development’. It will be concluded on Friday.