CAPITAL RECORDS 57MM RAINFALL IN 24 HOURS

CAPITAL RECEIVES 57MM RAIN IN 24 HOURS

Kathmandu, 27Sept. The capital recoded 57mm rainfall in the last 24 hours and the continuous rain for two days should late Monday afternoon to the east, meteorologists said.
Rain is expected to continue in the eastern region for another two days until Wednesday, they added.
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TRADE REGIME REVIEWS NEPAL TRADE POLICY

Kathmandu, 26 Sept.: Nepal Trade Policy Review mission is helping government set priorities for overall trade improvement especially export, The Himalayan Times reports.

“The mission is preparing a report of overall trade that directly or indirectly affects the export sector of the country,” said joint secretary at the Ministry of Commerce and Supplies Chandra Kumar Ghimire.

According to Ghimire, WTO secretariat representative Ricardo Barba is heading Nepal Trade Policy Review mission. “The review will be helpful for nepal to know the exact condition of our economy, contribution of trade and also about trade liberalisation,” he added.

Presently WTO secretariat and the ministry of Commerce and Supplies are preparing the final report that will be circulated to the WTO members after it is presented at the Geneva.

“The final report will be presented at Geneva on February 2012,” he sid, adding that it is the first time Nepal’s trade policy is being reviewed after being a WTO member in 2004.

According to the global trading regime, least developed countries (LDCs) must review their trade policy in every six year, whereas the developed countries must review their policy every two years.

The regular policy review has been prescribed by the WTO to minimise the hurdles the member countries might be facing in course of trade.

The mission will go through policy reforms in Nepal, polices related with different trade and Nepal’s political scenario that affects trade. “After the final presentation of the Nepal’s TPR in Geneva, Nepal will get a set of suggestions that will be helpful for setting up policies and priorities for future,” Ghimire said.

Surveillance of national trade policies is a fundamentally important activity running throughout the work of the WTO. At the centre of the work is the Trade Policy Review Mechanism (TPRM). All WTO members are reviewed, the frequency of each country’s review varying according to its share of global trade. However, the political transition has made it difficult for Nepal to keep tab on the trade issues and has failed to comply with the promises it made during the time of global trade regime’s membership.

Nepal’s trade is concentrated to its southern neighbour India and the third country trade has been contracting lately.
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