KATHMANDU, Jan 8: A two-day interaction on the topic ‘WCP Nepal-AIB South Asia Conference, 2024' kicked off in the capital on Sunday.
The event is being jointly organized by the World Trade Organisation (WTO) Chairs Programme Nepal and Kathmandu University with the theme 'Global Trade and South Asia: Competitiveness, Value Chains and ESG'.
The discussion underscored that the South Asian countries have felt the need to work in a new way to make the most of the possibilities to get benefits from global trade. For this, it is necessary to develop business infrastructures in South Asia, promote small and medium enterprises (SMEs), increase investment in the climate sector and remove obstacles at the borders, said the participants. They emphasized removing the non-tariff barriers especially at the border and proper implementation of the past agreements.
Addressing the event, KU's Registrar Professor Achyut Wagle advised Nepal to adopt a specific commerce policy, especially considering its transition to a middle-income category. He suggested that Nepal should promote good production along with forward and backward linkages to compete in the global market.
Similarly, underlining the need of formulating advanced foreign trade policies, Professor S Raghunath, the AIB-SAC Executive Board Chair highlighted global interdependence for an easy supply chain, seeking an equal participation and contribution in the supply chain. He underscored the importance of utilizing innovations and intellectual rights to promote locally produced products.
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Secretary at the Ministry of Industry, Commerce and Supplies, Narayan Prasad Sharma Duwadee, pledged to consider and implement research-based suggestions to bridge policy-level gaps and maintain a balanced foreign trade. He stressed the need for diverse expertise in crafting effective policies, particularly as Nepal strategically manages the challenges associated with its graduation to a developing country.
Chandra Kumar Ghimire, the former secretary of the Ministry of Industry, Commerce and Supplies, said till now the level of inter-regional trade of the South Asian countries is only around five percent. “Currently, the inter-regional trade is only around USD 23 billion, while there is room to increase it to USD 62 billion.
As Nepal strives to counter the potential loss of facilities following its graduation to a developing nation, Secretary Duwadee advocated for building a competitive market through domestic production to advance towards achieving the Sustainable Development Goals (SDGs).
In his virtual address to the event, Nepal’s representative in the Permanent Mission to the UN, Ram Prasad Subedi described foreign trade as an engine of development and prosperity. He echoed the significant role that South Asia plays in the world market. Ambassador Subedi pressed for the diversification of products and markets to address Nepal's high trade deficit.
Nepal’s Permanent Representative Subedi said various levels of discussions are being held at the United Nations for continuation of the duty-free and quota-free facilities Nepal and Bangladesh have been presently getting in the trade sector, even after their graduation to developing countries.
He pointed out the need of making timely changes to the commerce policy of Nepal.
World Trade Organisation (WTO) Deputy Director General, Xiangchen Zhang, said works on capacity building are underway with different sectors and levels for facilitating global trade. Referring to the changes taking place in the world trade scenario in recent days, he expressed commitment to take initiatives for the continuation of the trade facilities for the least developed countries.
He stressed that the international community itself should take seriously the issues related to climate change and reducing environmental risks.
Kathmandu University’s Vice Chancellor Dr Bhola Thapa maintained that the trade dimensions are changing at the regional and the world market as well and this is affecting countries like Nepal which have small economies and are dependent on imports. Efforts from all sides are needed to address this problem, he added.
Stating that Nepal's export side is extremely weak and the country has not been able to take adequate benefit from the WTO facilities, Vice Chancellor Thapa expressed the belief that research and mutual discussions at this international conference will contribute toward making better policies.
Indian Institute of Foreign Trade, Kolkata Campus chief professor K Rangarajan said that South Asia has not been able to take appropriate benefit in the trade sector despite having high demographic dividend.
Noting that South Asia has been facing various challenges in regional and world trade, he said the countries of the region should take seriously the possibilities of taking the production from this region to the world market through the maximum use of innovative technologies.
General Secretary of the Association of Indian Universities, Dr Pankaj Mittal opined that inter-country linkages can be maintained by means of various academic studies.
More than 60 experts, researchers and academicians from seven countries are attending the conference. Research papers on multiple topics will be presented and discussed in the two-day conference.
