Trade is key to development post-2015

Nepal has asked to place trade at the centre of development discourse in defining the post 2015 development agenda.

Addressing a meeting of the Trade Ministers of the Consultative Group of Least Developed Countries (LDCs) in the World Trade Organisation today in Bali, commerce and supplies minister Shanker Prasad Koirala, underlined the role of trade to reduce poverty and accelerate the pace of economic growth for sustainable development.

Koirala, chairing the preparatory meeting for the ninth WTO Ministerial Conference that officially begins tomorrow, also expressed that the continued deadlock in multilateral trade negotiations has created doubts whether multilateral track still remains a viable option for trade negotiations. "Proliferation of free trade agreements of varied scope and speed tend to suggest a different pathway to achieve trade outcomes," he said, pointing out that multilateral track alone offers LDCs opportunity to come together and pursue collective agenda as these countries otherwise have limited share, role and voice in global trade.

Multilateral approach is best suited to advancing LDCs' call for an equitable global trading system that responds to their development needs and priorities, Koirala added. "And success of multilateral trading system will have to be judged against its contribution in enabling LDCs to secure equitable trade benefits."

Referring to the LDC specific outcomes negotiated for adoption by the ministers, namely implementation of duty-free-quota-free market access, simplification of Rules of Origin, operationalisation of Services waiver for LDCs and cotton, he said that the outcomes will contribute to the effort of mainstreaming LDCs into multilateral trading system and provide basis for further works.   

Amidst apprehension that yet another Ministerial Conference may end in deadlock, Koirala also stressed that Bali conference must deliver a credible and balanced outcome which only can restore the credibility of multilateral trading system.

Addressing on the occasion, the director-general of the WTO, Roberto Azevedo, stressed that works in WTO stand at critical juncture and failure in delivery in Bali will paralyse the negotiating arm of the organisation and its relevance will be questioned.

He also appreciated LDC Group's constructive engagements during the negotiations of the proposed Bali package.

The meeting was attended by ministers and other high level officials of 34 LDC members of WTO and nine observers.

The meeting adopted a Ministerial Declaration.

Held generally in every two years, Ministerial Conference is the highest decision making body of the WTO.

Urge to focus on economic agenda

The country can be developed in five years, if the parties can create investment-friendly environment, according to the former finance ministers.

Committing that they would help create investment-friendly environment, they said that they would help promote economic agenda.

"The political parties should now focus on economic discourse," said former finance minister and Nepali Congress leader Dr Ram Sharan Mahat in an interaction here today.

"The parties should focus on economic agenda," he said, adding that the economy has worsened due to bandh, strike and labour trouble. "Nepal will be developed if it can achieve seven per cent economic growth."

However, stable government is key to attract investment that can propel economic growth, he added. "The parties have started new dispute over Constitution amendment, which will distract investors."

If the parties continue to go against the people's mandate, the investors will not find it conducive environment to invest, Mahat said.

Likewise, former finance minister and CPN-UML leader Surndra Pandey, also agreed that there is not much difference in the economic agendas of the political parties. "If the parties unite and focus on economic agenda, the country can be developed in five years," he said, adding that they all agree on economic development but they need to walk the talk.

Another former finance minister and Nepali Congress leader Mahesh Acharya, on the occasion, stressed on the implementation of economic agenda that can help develop the country. "Though there is not much difference – among the parties – in the concept of economic development, their behivour has, however, pushed the economy to backstage," he said.

NBTI starts training CIB, CIAA staff

National Banking Training Institute (NBTI) has started training for the Central Investigation Bureau (CIB) and Commission for Investigation of Abuse of Authority (CIAA) staff.

Though the programme has been planned since one year, the 18-day training for the investigators of the CIB and CIAA has started from yesterday, said chief executive of the NBTI Sanjib Subba.

The training for the judges is also on cards, he said, adding that the banking academy of the country has planned to train all the stakeholders in the society for better and strong financial sector.

It has been holding various training for the banking officials and members of board of directors also to promote good governance, and ethical banking practice in the country.

Due to lack of good governance in some of the banks and financial institutions, the banking sector has been under scanner in the recent years.

The anti-graft body has also started taking interest in the banking sector, though it comes under the jurisdiction of central bank.

The sector's strength will stabilise not only the financial sector but also promote better investment environment in the country for the economic development.

CIB nabs NIDC Capital Market former executive, staff

The Central Investigation Bureau (CIB) has arrested former management officials and borrower of NIDC Capital Market for embezzlement of deposit.

The CIB arrested former chief executive Khum Bahadur Hira Singh Rana, loan manager Meena Shrestha, loan access consultant Pramod Bahadur Thapa and the borrower Ratna Kumar Gautam.

They have been arrested from various places on different dates, the CIB said, adding that they have misued their rights and floated loan on low quality collateral.

Supreme Court issues show cause notice to CIAA

The Supreme Court today issued show cause notice to the anti-graft body.
Advocate Arjun Kumar Aryal had on Wednesday filed a case against the Commission for Investigation of Abuse of Authority (CIAA) for interfering into the matter of banks and financial institutions going out of its jurisdiction.

The CIAA had reportedly sought financial information from the banks and financial institutions going out of its jurisdiction, claimed Aryal in his petition.

A single bench of Judge Dr Bharat Bhadur Karki today issued the show cause notice.

According to the Nepal Rastra Bank Act 2058 BS, the right to direct, monitor, regulate and liquidate banks and financial institutions falls under the jurisdiction of central bank as it is an autonomous body. 

The CIAA move to seek direct information from the banks and financial institutions will send a negative message to the whole economy.