Dr Singh was delivering his remarks as a guest speaker at a high-level dialogue on ´How Nepal Can Benefit from the Multilateral Trading System and Doha Round?´ organized by the Ministry of Commerce and Supplies (MoCS) in association with the Federation of Nepalese Chambers of Commerce and Industry (FNCCI).[break]
Nepal had unveiled NTIS specifically outlining trade strategy with focus on specific products and services to boost the country´s trade in international market.
"Formulation of NTIS is one of the crucial policy steps taken by Nepal. This will help Nepal get more AFT, which is based on the priority and policy of the recipient Least Developed Countries (LDCs) like Nepal," Singh told Republica at the sideline of the program.
The AFT facility intends to help countries to mainstream international trade in policy making and facilitates comprehensive aid related activities and funding required for both software and hardware to address supply constraints.
"However, more focused and prioritized thinking will help Nepal get more support in increasing its productive capacity and value added activities. Nepal should put forward more bankable projects for this," Singh said.
Under the AFT initiatives, WTO brings together various development project funding agencies such as the World Bank, regional development banks and bi-lateral donors to provide assistance in enhancing trade-related capacity in LDCs to do away with supply constraints.
In his deliberation, Dr Singh suggested Nepal to learn from experience of other similar LCDs like Zambia, which has successfully established trade linkage at regional level markets to improve its trading capacity.
Commenting on rising concerns of LDCs, including Nepal, on non-tariff barriers imposed by the developed countries, he said the WTO was working on addressing sanitary and phyto-sanitary measures for agriculture products to make them easily saleable in international market.
"In addition to WTOs´ efforts, more than 60 percent of the cases related to non-tariff barriers on standard of products have been resolved through dialogues between exporters and importers," he added. He also said negotiations were going on to address the concerns raised by Nepal on non-tariff barriers.
He also said the Doha Round of WTO has safeguarded the interest of LDCs by ensuring defensive interest of LDCs for their lower level of obligations and offensive interests for efforts to open market for their products in other countries as well as the steps to assist LDCs to enhance their capacity.
"Under the Doha Round, Nepal doesn´t have to undertake any additional obligation,” he said, adding that the Doha Round would create additional market He also said Nepal can benefit from larger tariff reduction on both agriculture and industrial products.
He also said the process of implementing zero duty for at least 97 percent of the products of LCDs exported to developed countries under Duty Free Quota Free (DFQF) facility had already begun as envisaged by Doha Round.
“The DFDF facility has virtually come into implementation in all developed countries with the product coverage ranging from 97-100 percent. Even, certain developing countries have also provided DFQF facility," he added.
He further informed that the WTO members were very close to formulating a Service Modalities for LDCs under which preferential access will be provided to LDCs´ service exports. "The modality would be significant for Nepal, as the country´s service sector holds high potentials for exports," he added.
Related story
Govt launches NTIS 2016
_20191222200001.jpg)
