Nepal Updates National Plan to Reduce Trade Deficit

Nepal’s government has updated its national plan to reduce the country’s trade deficit. The Ministry of Industry, Commerce, and Supplies has revised the plan, which covers the period from 2079/80 to 2084/85.

This is the first time the plan has been updated. The revised plan outlines the responsibilities and timelines for each agency involved in its implementation. It also sets deadlines for the completion of tasks assigned to each agency.

The plan aims to reduce Nepal’s growing trade deficit through a coordinated effort by various government ministries and agencies. Its main objectives include increasing production and productivity of goods and services with comparative advantages and competitive capabilities, diversifying goods and markets to promote Nepali exports, and increasing production and consumption of agricultural and industrial goods.

The plan also seeks to establish effective coordination among various agencies to increase domestic and foreign investment and production, improve the quality of domestic products, regulate imported goods that harm human health, and rapidly develop industrial and trade-related infrastructure.

Furthermore, the plan aims to ensure the continuity of market access and promote exports through multilateral, regional, and bilateral initiatives, negotiations, and agreements. It also seeks to facilitate trade and reduce trade and transportation costs.

The Ministry of Industry, Commerce, and Supplies will be responsible for coordinating the implementation of the plan, while the Prime Minister’s Office and the National Planning Commission will monitor its progress. The National Development Problems Resolution Committee and the Central Monitoring Committee will review the plan’s progress.