Import-economy Nepal fails to take benefit from global trade regime

Import-economy Nepal fails to take benefit from global trade regime

Nepal has failed to take benefit from the global trade regime, according to the economists. Until the country can boost its production and strengthen economy, Nepal cannot take any benefit from the World Trade Organisation (WTO), they said, adding that Nepal has been an import-based economy for long, whereas it must boost its exports to take benefit from the multilateral trading system. WTO is only the means, not the destination, thus Nepal should strengthen its economy to take benefit from its agreement, said Federation of Nepalese Chambers of Commerce and Industry (FNCCI) vice president Pradeep Jung Pandey, speaking at an interaction, here today. Nepalis have failed to walk the talk, he said, adding that the private sector is ready to work with the global market, but the strong domestic production can only help Nepal put on the global map. Since Nepal has failed to take benefit from the bilateral trade agreements with India, it could be only hope against the hope to take benefit from the multilateral trade agreements, opined senior economists Prof Dr Bishwhambher Pyakuryal, on the occasion. "Even the larger economy like India has failed to take benefit from WTO." Only being a member of WTO could not help develop any economy, he said, adding that without expansion of Nepal's export basket and increased domestic production, the WTO agreements would have no meaning to the country. Likewise, another economist Dr Chandra Mani Adhikari also opined that Nepal has to boost exports to take benefit from the WTO. Executive chairman of SAWTEE and trade expert Dr Posh Raj Pandey, on the occasion, advised the government to learn lesson from the international programmes, apart from internal management on boosting the production, to take benefit from the global trade regime.
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