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| Friday, 9 April 2004 |
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Nepal's entry into WTO hailed President, Sri Lanka -Nepal Business Council J. C. Savanadasa says that they were pleased to learn that Nepal will be admitted to the World Trade Organisation on April 23, 2004. As a bilateral business council pledged to promote greater economic trade and industrial ties between Sri Lanka and Nepal we feel that the accession of Nepal to the world trade body will have a beneficial impact on Nepal. Nepal's entry into WTO was actively supported by Sri Lanka. the Department of Commerce in and around 2000 played a major role to assist Nepal. The Department sought assistance from Sri Lanka's private sector through its main pivots the Chamber's of Commerce in securing the latter's assistance to forward lists of products that Sri Lanka could import from and export to Nepal under concessionary terms of tariff. More recently Sri Lanka did grant tariff concessions to 57 items of export from Nepal. This Council took the initiative to inform a Nepali trade delegation present in Sri Lanka at the time of the granting of these concessions and called upon the delegation to publicise such concessions to the business sector on its return to Nepal. "We are happy to note that Nepal is the first Least Developed Country (LDC) to gain direct entry into WTO though several other LDCs were admitted as members earlier since they were already members of the predecessor to WTO the General Agreement on Trade and Tariff (GATT). This led their automatic transfer of membership". On behalf of the membership of our Council we congratulate Nepal and hope that the membership of WTO opens new vistas for the development of trade," he said. |
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