India can play key role in Nepal’s bid to expand global trade: UN official
NEW YORK, (UN): India can play a key role in Nepal’s bid to expand its international trade being a close neighbour of the landlocked Himalayan nation, a top UN official has said.
India is already a major trading partner of Nepal with free movement of goods, services and labour, UN Under-Secretary-General and High Representative for Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (LLDCs) Fekita ‘Utoikamanou said.
“India is part of South-South cooperation which is playing an increasingly important role in addressing the persistent development challenges of vulnerable groups of countries including LLDCs through trade, technology transfer, development finance, infrastructure development and collective solutions to address emerging challenges such as climate change,” she said.
“The Motor Vehicles Agreement of 2015 between Bangladesh, Bhutan, Nepal and India (BBIN) aims to facilitate the movement of cargo across their borders,” Fakita said.
“Some 90 percent of the world’s trade is carried by sea. Their location makes LLDCs isolated from major centers of economic and trade activity and lack economies of scale,” Fakita said, adding these factors make it expensive for LLDCs to conduct trade, attract investment and achieve sustainable development.
The UN Office of the High Representative for LLDC and Small Island Developing States (UN-OHRLLS) is ensuring effective follow-up, implementation, monitoring and review of the implementation of the Vienna Programme of Action, she said.
“It is supporting Nepal as an LLDCs in its efforts to implement the priority areas of the Vienna Programme of Action that include fundamental transit policy issues, infrastructure development and maintenance, international trade and trade facilitation, regional integration, structural economic transformation and means of implementation,” the diplomat added. (PTI)
Published Date: Monday, February 18th, 2019 | 12:06 PM