Nepal takes seat at WTO

Rastriya Samachar Samiti

Kathmandu, May 19:

Following the completion of the ratification process for accession to the World Trade Organisation (WTO), Nepal formally took its seat at the WTO headquarters in Geneva on May 17. In the general council meeting of WTO, chairman of the general council Oshima extended a warm welcome to Nepal as the first least developed country to join the WTO by completing the full accession process. Gyan Chandra Acharya, ambassador and permanent representative of Nepal at the WTO said, "We have joined the organisation with a solemn hope that a rule-based, equitable and open multilateral trade regime would not only enhance growth and prosperity, but would also expand the circle of growth and prosperity encompassing all countries around the world."

He voiced expectations that the WTO membership would contribute to the integration of the economy into an inclusive and equitable global trade regime that would help Nepal reduce its poverty and accelerate sustainable growth. Describing marginalisation of LDCs from global trade as a palpable reality, he said Nepal pinned high hopes on early and successful implementation of the Doha work programme, so that we will be able to fully realise the development dimension of international trade for all members, including LDCs. He recalled the Marrakesh agreement establishing WTO, which among others, clearly recognised the need for positive efforts designed to ensure that developing countries, especially LDCs, secure a share in the growth in international trade, commensurate with the needs of their economic development.