Kathmandu, January 1:

Ministers, senior bureaucrats, businesspersons and economists today unanimously called for serious exercise to reap benefits from global trading regime, World Trade Organisation (WTO), in the context of post-WTO ministerial conference concluded in Hong Kong recently.

Buddhiman Tamang, minister for industry, commerce and supplies organised an interactive programme at the ministry in an attempt to get some inputs from experts to move effectively in the days ahead.

Tamang agreed that the government is all set to review and modify the ‘policies’ to make them compatible with WTO standards and bring visible reforms in economy. “For which, ‘valuable inputs’ from the business sector, civil society and other economic sectors are urgently required,” he said.

Dr Badri Prasad Shrestha, former finance minister said that WTO ministerial conference turned out to be beneficial specially for LDCs like Nepal as such countries are being entitled for duty-free and quote-free access to other member countries across the globe. “In such a context, Nepal should not only identify major trading partners but also identify the niche products to penetrate in the global market,” he suggested. Shrestha strongly urged the government to remove policy, technologies and other handicaps to move smoothly for trade and and economy enhancement.

Prof Bishwambher Pyakuryal, president of the Nepal Economic Association (NEA), strongly stressed on increasing investment to increase trading activities. “To increase the economic activities, Foreign Investment and Technology Transfer Act-1992 needs an update,” he adviced. “There is a urgent need to bring consensus among the stakeholders and move forward identifying the needs of private sector.”

Rajesh Kaji Shrestha, assistant minister for industry, commerce and supplies while welcoming said that the government would seriously take the suggestions related to WTO provisions implementation. “It will ultimately benefit us.”

Prachanda Man Shrestha, joint secretary at the ministry of industry, commerce and supplies presenting a paper on ‘Achievements for Nepal from sixth WTO ministerial meeting’ said that LDCs including Nepal have got the chance of preferential ‘rules of origin’ for their products, which is a golden opportunity.

Chandi Raj Dhakal, president of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) sought the protection and promotion of domestic units. “It is important to protect and promote the local industry to compete in the global arena,” he said adding the need to review policies and identification of priority sectors and products.

Shrestha said, “Government has actively participated in the negotiation for Doha work programme in 2006, review of sectoral-economic policies. It has helped in expediting information dissemination of provisions of the document of sixth WTO meeting, focused to restructure the domestic industrial and agricultural production level, identifying and prioritising assistance proposals for going effectively in capacity building.”

Various experts, on the occasion, discussed the trade negotiation and expert committee (to look into the technical and emerging trends in the global markets), which will ultimately help in shaping our policies while implementing teh global trade regime’s provisions.