Experts and entrepreneurs have pointed at the need to increase efficiency of domestic industries to gain from international trading regimes such as WTO, BIMSTEC, SAFTA and so on.

In a paper presented on ‘Pitfalls of International Trade in Nepal” recently, Rajendra Khetan stressed for increasing efficiency of the business sector to be compatible in the global market.

He said that since Nepali business is facing new challenges in quality, high cost of production, weak infrastructure and poor technologies in globalised trading environment, trade facilitation and capacity building are urgent needs.

He presented the paper at a programme on ‘Revitalisation of Nepalese Economy’ jointly organised by European Economic Chamber-Nepal and the UNDP, Enhancing Trade Related Capacity (ENTReC) recently.

He urged that the country should develop its competitive strength to reap benefits from various multilateral, regional and bilateral agreements. He also underlined the possibility of developing business link between SAARC and ASEAN, SAARC and EU in order to enhance trading activities.

Prachanda Man Shrestha, joint secretary at the Ministry of Industry Commerce and Supplies, speaking at the same programme underlined the need for taking proactive measures for capacity building in trade. Former Chief Secretary Bimal Koirala stressed the need for good governance and participation in the development activities.