Kathmandu, December 11

The government has expressed concerns regarding trade deficit with Bangladesh.

In a meeting with his Bangladeshi counterpart Shubhashish Bose, Commerce Secretary Chandra Kumar Ghimire expressed serious concerns over the increasing trade deficit of Nepal with Bangladesh in the recent years.

Ghimire, who is currently in Buenos Aires of Argentina for Ministerial Conference of the World Trade Organisation, also requested that the issue be addressed in a sustainable manner that would be a win-win situation for both countries.

He also sought support on exportable goods from Nepal to Bangladesh, like yarn and other products. Ghimire also emphasised on the need to work on power trade potentiality from Nepal to Bangladesh. Similarly, he discussed building trade-related infrastructure and improving customs procedures at border points, including Phulbari-Banglabandh, to enhance trade between the two countries.

As per the Permanent Mission and Embassy of Nepal in Geneva, the two secretaries discussed various issues related to bilateral trade interests between the two countries, which included trade, transit, connectivity, trade-related infrastructure, trade facilitation and external trade situation.

The meeting also discussed the untapped potentials between the two countries in the areas of merchandise and services trade, investment and addressing overall development dimension.

The Commerce Secretary of Bangladesh, Bose appreciated Nepal for its request to hold a meeting and acknowledged the concerns of commerce secretary of Nepal. Touching on the rich hydropower potential of Nepal, Bose expressed the interest of Bangladesh to come onboard in the development and utilisation of hydropower.

Similarly, he also pointed at the increased capacity of their manufacturing sector, especially in pharmaceutical products, and asked Nepal to benefit from cheaper medicines imported from Bangladesh. He also added that investors from Bangladesh may invest in Nepal both in the hydro and pharmaceutical sectors.