Kathmandu, January 25:

Government officials and businessmen today called for joint initiatives to curb unofficial trade, which accounts for over 40 per cent of the total formal trade.

Rameshwar Khanal, finance secretary (revenue) asked businessmen to support the government’s efforts in curbing unofficial trade, which has not only caused revenue leakage but has also posed threat to healthy businesses in the country.

He was speaking at an interaction organised jointly by the Department of Customs (DoC) and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) to mark the 55th world customs day on Thursday.

The government and the private sector are jointly celebrating the event with a slogan ‘No Counterfeiting and No Piracy’ throughout the world today.

Speaking on the occasion, Chandi Raj Dhakal, president of FNCCI underlined need for transparent and systematic customs in order to discourage unofficial trade.

“An open and porous border is also one of the reasons to flourish unofficial trade, especially in the border regions,” he said.

Dhakal flayed the government’s negligence over taking any initiative for controlling unauthorised trade.

He said that the government is only concerned about raising more revenue and not taking a long term view of the health of trade.