MoCS starts preparation for trade talks with Bangladesh
KATHMANDU, Jan 30: The Ministry of Commerce and Supplies (MoCS) has initiated the process to hold trade talks at the joint-secretary level with Bangladesh.
The meeting is expected to pave the way for speedy implementation of previous agreements and thrashing out pending issues on bilateral trade.
“We are in regular contact with officials of the Bangladeshi embassy in Kathmandu to discuss on agenda for the talks. We, however, are yet to finalize the date due to political unrest in Bangladesh,” Rameshwar Pokharel, under secretary at MoCS, told Republica.
MoCS is also writing a letter to the Bangladesh government to set the bilateral trade talks at the earliest. In a bid to offer duty free access to 64 Bangladeshi products to Nepal at the upcoming meeting, MoCS has already forwarded their list to the Ministry of Finance (MoF) few months ago seeking its consent.
“The MoF hasn´t responded on the issue so far,” added Pokharel. The approval of MoF is necessary to implement the decision as it might impact revenue mobilization adding financial burden on the government.
“We, however, have selected only those products that have minimal impact on Nepali industries if they get duty free access to our markets,” Pokharel said.
Pokharel also said MoCS was doing internal preparation to hold bilateral trade talks with Bangladesh. As per the decision of earlier meeting, the joint-secretary level meeting will be held in Kathmandu to be followed by secretary-level meeting in Dhaka.
“We will speed up the preparation once the MoF gives consent for duty fee access to 64 Bangladeshi products as proposed by us,” added Pokharel.
Bangladeshi products selected for the facility are juices, pharmaceuticals, textile, electrical goods, and seafood, among others.
At the joint-secretary level meeting held in Dhaka last year, Bangladesh agreed to provide zero-tariff facility to 108 Nepali goods, which, among others, include wheat flour, fruits, juice, dairy and handmade papers.
Nepali officials had put forth a list of 146 products seeking duty free access facilities in Bangladesh. Seeking reciprocal treatment from Nepal, Bangladeshi trade officials had sought duty free access to 153 Bangladeshi products in Nepal.
Bangladeshi officials had agreed to provide zero tariff market access to Nepal at the joint-secretary level technical meeting held in Dhaka on February last year.
The meeting was entrusted with the task of finalizing modalities to implement the agreement made during the commerce secretary meeting held in Kathmandu on July 30, 2012.
Pokharel said the upcoming joint-secretary level meeting will discuss on various issues that were not finalized at the Dhaka meeting.
Data compiled by the Trade and Export Promotion Center shows Nepal exported goods worth Rs 2.73 billion to Bangladesh and imported goods valued at Rs 2.17 billion from its second largest trading partner in South Asia during 2012/13.
During the earlier meeting, discussions were held on the draft documents on operational modality of Chittagong and Mongla Ports which are crucial for promoting trade between the two South Asian nations. However, no decision could be reached.
The two sides are expected to finalize the Memorandum of Understanding (MoU) for Kathmandu-Dhaka direct bus service. The commerce secretary level meeting held two years ago had agreed in principle to start direct bus service between capital cities of the two South Asian neighbors.
(Source: REPUBLICA)
