Kathmandu, January 27:

The government is formulating three new policies on industry, investment and trade with a view of streamlining procedural framework in the spirit of free trade environment, said Bharat Bahadur Thapa, secretary at the ministry of industry, commerce and supplies.

Addressing a seminar on ‘Trade Policy and Export Diversification’, jointly organised by South Asia Watch on Trade Economics & Environment (SAWTEE) and ActionAid, Nepal (AAN) on Thursday, he said that Nepal would need to revisit and reformulate its policies to reap benefits from liberalisation.

Thapa also said that trade negotiation has been a challenge for Nepal in the present context as Nepal has to find a balance between multilateral and bilateral agreements.

Sri Ram Pande, assistant resident representative of UNDP said that Nepal should focus on advocating market access during trade negotiations at the WTO.

Chandi Raj Dhakal, president of FNCCI, said that Nepal lacks both in formulating appropriate policies as well as implementing them. He also emphasised that Nepal needs to strengthen its negotiating capacity.

Navin Dahal, executive director and Shivaraj Bhatta, economist at SAWTEE made presentations on the findings of the research studies.