Govt to sign trade pact with Bhutan

KATHMANDU:

Minister for Commerce and Supplies Sunil Bahadur Thapa has said that the government is planning to sign a trade treaty with Bhutan to promote bilateral trade.

“Bhutan is our potential market, but we have not yet signed any treaty to promote trade,” said Thapa, who informed that the two countries have agreed to sign a treaty, for which both sides are working on the list of tradable products. He made the remark while addressing the annual general meeting of Lalitpur Chamber of Commerce here today.

According to the Trade and Export Promotion Centre, in 2013, Nepal exported goods worth Rs 89 million to Bhutan whereas the export value was Rs 695.4 million in 2012 and Rs 239.4 million in 2011.

The trade between the two countries, so far, is based on indirect trade agreements like Bay of Bengal Initiative for Multi-Sector Technical and Economic Cooperation (BIMSTEC) and South Asian Free Trade Agreement (SAFTA).

Nepal’s major exports to Bhutan include handicrafts and noodles whereas Bhutan exports agro-based products like fruits and vegetables, mainly tomatoes and potatoes, to Nepal.

Reiterating that it is rather unfortunate for both countries for not having signed any trade treaty till date, Minister Thapa also stressed that the government needs to amend its existing trade policy to make them compatible with international laws.

Thapa also appreciated the role of Lalitpur Chamber of Commerce in promoting trade, mainly through artworks and handicrafts.

During the programme, Ajar Man Joshi, president of the chamber, proposed the government to build a city hall in Lalitpur that is equipped with modern facilities. “A city hall is the need of the time to organise trade fairs and exhibitions for the promotion of locally manufactured goods,” he said.

Satya Mohan Joshi, senior culture expert, seconded the idea of building a city hall.

Source: THT