The trade policy came under scanner at a global forum in Geneva yesterday.
The first session of the Trade Policy Review of Nepal, held in the World Trade Organisation (WTO) headquarters, is the first-ever Trade Policy Review of the country, which joined the global trade regime in 2004.
As provided in the Agreement Establishing the Trade Policy Review Mechanism, all WTO members are subjected to review under the Trade Policy Review Meeting at different times.
Nepal, as an LDC, is entitled for review at a period exceeding six years.In an address to the Trade Policy Review body, Commerce and Supplies Secretary Lal Mani Joshi, the leader of the 10-member Nepali delegation comprising, among others, Permanent Representative of Nepal in Geneva, Shanker Bairagi, and officials from various ministries, reinforced Nepal’s deep faith in the WTO-embodied multilateral trading system.
“Nepal has maintained a liberal investment regime and has opened up a wide range of economic sectors for foreign investment,” Nepal’s Permanent Mission in Geneva said in a statement quoting Joshi.
During the review, a number of delegations, including donors, said Nepal has honoured its commitments to the WTO by opening up its trade and investment regime as well as significantly reducing tariffs.