Sunday, January 24, 2021

India an Utmost Important Trading Partner Of Nepal: UN Officials

The UN’s under-secretary-general highlights India’s vital role in Nepal’s international trade. India and Nepal have ratified the WTO Trade Facilitation Agreement to achieve improved trade facilitation, says the UN Top Official.

As Nepal’s Trade Deficit Rises, Kathmandu Looking For Preferential Trade Agreement with India

UN Under-Secretary-General and High Representative for Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (LLDCs), Fekita ‘Utoikamanou said: “India is already a major trading partner of Nepal with free movement of goods, services, and labour”.

“India is part of South-South cooperation which is playing an increasingly important role in addressing the persistent development challenges of vulnerable groups of countries including LLDCs through trade, technology transfer, development finance, infrastructure development and collective solutions to address emerging challenges such as climate change,”‘Utoikamanou added.

UN Under-Secretary-General emphasised saying, “The Motor Vehicles Agreement of 2015 between Bangladesh, Bhutan, Nepal, and India (BBIN) aims to facilitate the movement of cargo across their borders.”

She also highlighted several railway’s infrastructure projects in Nepal assisted by India. India is helping Nepal by improving trade facilitation via improved and simplified border crossing procedures. “This can help reduce delays at the borders and trade costs. Both India and Nepal have ratified the WTO Trade Facilitation Agreement and their enhanced implementation of the agreement will help to achieve improved trade facilitation,” Fakita added.

The UN Office of the High Representative for LLDC and Small Island Developing States (UN-OHRLLS) is ensuring effective follow-up, implementation, monitoring and review of the implementation of the Vienna Programme of Action.

“It is supporting Nepal as an LLDCs in its efforts to implement the priority areas of the Vienna Programme of Action that include fundamental transit policy issues, infrastructure development, and maintenance, international trade and trade facilitation, regional integration, structural economic transformation and means of implementation,” the UN Under-Secretary-General concluded.

More News at EurAsian Times

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