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Nepal sets stride into SAFTA: Official
1/3/2006
KATHMANDU, Jan 2 (Xinhua): Nepal, which has already set stride into the South Asian Free Trade Area (SAFTA), is implementing the liberalization of rate of customs duty on imported goods from coming August, state-run Radio Nepal reported Monday.
The report quoted Joint-secretary at the Ministry Naindra Rasa Upadhyaya as saying that other members of the South Asian Association for Regional Cooperation (SAARC) will be bringing down the rate of customs duty from July 2006.
There is no probability that Nepal will have to bear any kind of loss following the enforcement of the SAFTA, which is believed to play a pivotal role in the promotion of trade and investment in the region, he said.
Previous bilateral relations about trade will remain intact, and the SAFTA will provide additional momentum to the promotion of trade, Upadhyaya added.
Shedding light on positive aspects of the SAFTA, Upadhyaya emphasized that mutual discussions need to be continued regarding the utilization of Indian territory for strengthening Nepal's trade relations with India and other countries.
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