Monday, July 10, 2017

ADB to help Nepal improve customs reform, modernise trade facilitation

The Asian Development Bank (ADB) has approved a $21-million policy-based loan to support Nepal government’s efforts to simplify, harmonise, and modernise the country’s trade processes and meet international standards.
Issuing a pree note, the Manila-based regional development bank said that its board of directors has approved the loan that will support the government in developing its national policy and legal framework for trade facilitation as well as customs procedures.
The project will support Nepal to develop a national policy and legal framework on trade facilitation and customs procedures. It will also help strengthen the organisational structure of the Department of Customs (DoC) to boost exports and raise export competitiveness.
“It is important for a landlocked country like Nepal to explore better and a more modern trade facilitation as a means to promote exports and, eventually, economic growth and development,” according to ADB senior economist Sonoko Sunayama. "Hopefully, the project can help the government of Nepal achieve this for its growth and development."
The project supported by the Manila-based multilateral financial institution is expected to help the country fulfill commitments on trade facilitation made to the World Trade Organisation (WTO) and meet international standards on customs procedures. "The project will also assist Nepal to integrate better, in terms of trade facilitation and customs procedures, with the standards of the South Asia Subregional Economic Cooperation,” according to the ADB press note.
ADB – based in Manila – is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members, 48 from the region.
In 2016, ADB assistance totaled $31.7 billion, including $14 billion in cofinancing. 

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