Kathmandu, July 10

Asian Development Bank (ADB)’s board of directors has approved a $21 million policy-based loan to support the Nepal government’s efforts to simplify, harmonise, and modernise the country’s trade processes to meet international standards.

“It is important for a landlocked country like Nepal to explore better and a more modern trade facilitation as a means to promote exports and, eventually, economic growth and development,” the statement issued by ADB today quoted Sonoko Sunayama, senior economist of ADB, as saying. “The project can help the Nepal achieve this for its growth and development.”

The project will support Nepal in developing its national policy and legal framework for trade facilitation as well as customs procedures. It will also strengthen organisational structure of the country’s Department of Customs to overall expand exports and increase export competitiveness, as per the statement.

“It will help the country fulfil its commitments to the Trade Facilitation Agreement of the World Trade Organisation as well as related international standards on customs and better integration with the standards of the sub-regional level.”