January 16: The meeting of the Legistalure-Parliament held on January 13 has ratified the Protocal Amending the Marrakesh Agreement establishing the World Trade Organisation (WTO) to be included in the schedule of the Agreement on Trade Facilitation  of the World Trade  Organisation.

According to a press statement issued by the Ministry of  Commerce, the agreement was endorsed by the ninth minister level conference of the WTO held in Bali, Indonesia on December 2013 after lengthy talks and discussions. "Nepal had played a crucial role in finalising the  agreement as a convenor of the  least developed countries.  The agreement to be implemented after aproval by two third members of the organisation is so far approved by the 106 members among the total 164 countries,"  reads the stattement. India, Bangladesh, Pakistan, Afghanistan and Sri Lanka have already ratified it from the south asia region.

 The Trade Facilitation Agreement is aimed at  minimizing the cost of international trade by streamlining the  process of cross border  transportation of goods, promoting good governance  by developing legal and transparent customs system and guaranteeing  the  transit rights of landlocked countries.  It is expected to make trade transparent, austere and effective and will help attract further foreign investment thereby making positive influence in the Nepali economy.

The provisions in the agreement have guaranteed financial and technical assistance to least developed countries like Nepal. There is also provision that countries will not be liable to implementing provisions in which financial and technical assistance is sought.

Some programs including policy and legal reform, customs modernization, trade infrastructure building, development and upgrading have been implemented in Nepal for trade facilitation. Nepal has already implemented some of the provisions. 

 It is expected that considerable contribution will be made in  trade sector reform  through trade facilitation at a time when Nepal had deteriorating  competitive capacity due to  our supply constraints and lack of increase of Nepal’s export due to  high trade costs.