KATHMANDU, Nov 10: The Treaty of Commerce with India has been automatically renewed. Although Nepal had been calling for renewing the treaty with amendments for a long time, ultimately it was automatically renewed without any amendment.
KATHMANDU, Nov 8: President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal, has stressed on the need to promote partnership on bilateral investment between Nepal and South Korea to address the growing trade imbalance between the two nations.
KATHMANDU, Nov 1: It has been two months since the Nepal government initiated the law allowing individuals to keep 21 types of wild animals and birds at home, but not a single person has applied for this unique opportunity. The Ministry of Forest and Environment introduced the "Standard on Keeping, Breeding, and Using Wild Animals Commercially" on September 4, aiming to promote economic prosperity through the sustainable conservation and commercial use of these animals.
KATHMANDU, Sept 23: Nepal has not been able to benefit from trade with its northern neighbor China, which has the second largest economy in the world. Since China does not prioritize trade with Nepal, the trade deficit with China is deepening.
KATHMANDU, Sept 9: Nepal has successfully imported goods from a third country through Chinese ports, marking a significant milestone seven years after the Nepal-China transit agreement was signed. A shipment of turmeric, originating from Vietnam, made its way into Nepal via China's Tianjin port.
KATHMANDU, Aug 10: Jhalakram Adhikari, the director general of the Department of Immigration (DoI), has announced a positive development in discussions with China concerning the issuance of entry permits for truck drivers heading to Kerung, China via the Rasuwagadhi border crossing.
KATHMANDU, July 30: On May 1, 2023, the Chinese government resumed two-way trade via Tatopani-Khasa border point after a hiatus of nine years. The decision was made in line with the first meeting of the Nepal-China Coordination Mechanism on Border Trade and Cooperation held on March 29 in Lhasa, Tibet that decided to resume operation of Tatopani-Khasa route and ensure full fledged operation of Rasuwagadhi/Kerung check point for two-way trade and people to people movement beginning April 1.
In a welcome development for Nepal's economy, the trade deficit has declined by 15.45 percent, reaching Rs 1.454 trillion in the fiscal year 2022/23. This significant drop is largely attributed to the government's measures to check imports, responding to concerns over depleting foreign currency reserves and a fall in people's income due to the recession. While this reduction in the trade deficit is undoubtedly a positive step, it is essential to recognize that there is still a long way to go before achieving a sustainable balance in trade.
KATHMANDU, Dec 26: Nepali traders have been paying as high as 32 percent of the actual cost of the goods for transport, transit, delivery, storage and official procedures due to lack of related infrastructure and poor government policies.
KATHMANDU, September 15: China, which had unilaterally closed the border crossing under the pretext of COVID, is going to allow cargo containers stopped in transit to come to Nepal. China has closed the Tatopani and Rasuwagadhi crossings - two major trade points between the two countries - since last month.
KATHMANDU, Sept 13: China has assured that it will clear all containers destined to Nepal before the festive season in Nepal. At the request of Nepal, the Chinese side also assured that it will take necessary measures to address the widening trade gaps between the two countries and encourage its entrepreneurs to invest in Nepal, particularly in areas that support the livelihood of the Nepali people.
Coordinated, multilateral action is necessary to tackle the crises we face. Both aid and trade have key roles to play in reversing the impacts of this quadruple shock and putting the world back on track to achieve the Sustainable Development Goals.
KATHMANDU, Jan 14: While admitting that there have been difficulties to ensure a smooth flow of goods from China to Nepal in recent months due to the COVID-19 pandemic, China has said that it is willing to work together with the Nepali authorities to overcome the present difficulties.
KATHMANDU, Dec 18: The government is mulling over involving private sector hydropower producers in cross-border electricity trade, at a time when Bangladesh has expressed its will to purchase electricity from the Nepali private sector.
In September 2015, there was a huge trade disruption between Nepal and India that reduced Nepal’s imports from India by 40 percent. Given Nepal’s dependence on imports from India, the decline in trade is likely to have temporarily increased the number of poor people in Nepal by nearly 17 percent, or 1.2 million people. Clustering of people around the poverty line and dependence on net food imports are likely causes for some provinces being more severely affected by the trade disruption. This human-made crisis exacerbated the impact of an earthquake that devastated Nepal in May 2015.
KATHMANDU, June 18: Ambassador of Nepal to Pakistan, Tapas Adhikari on Thursday held a meeting with president of Gujranwala Chamber of Commerce and Industry (GCCI), Umar Ashraf Mughal, and its members to further enhance business and trade interactions between Nepal and Pakistan.
KATHMANDU, May 20: Nepal bought Indian currency (IC) equivalent to Rs 404.70 billion by selling US dollars to finance the imports from the southern neighbor during the first nine months of the current fiscal year, which was 16 percent more than the amount during the same period of the last fiscal year.
KATHMANDU, April 10: Stocks kicked off week on a positive footing with the Nepal Stock Exchange (Nepse) climbing more than 25 points on Sunday. After closing a point higher on Monday, the index saw further gains at mid-week. The benchmark rose around 16 points on Tuesday. The bourse saw modest movements on the latter part of the week with the index falling 2.85 points on Wednesday and adding 2.74 points on Thursday. Overall, the index ended the review period 42.46 points or 1.61% higher at 2,674.36.
KATHMANDU, Feb 23: The equity market came under significant selling pressure and dropped around 50 points in the morning before staging a small rebound. However, the stock market continued to struggle in the afternoon with the Nepal Stock Exchange (Nepse) index dropping as much as 90 points. A recovery in the final closing hours saw the benchmark end Tuesday’s session with a 21.16 point’s decline at 2,586.51.
KATHMANDU, Feb 16: Nepal bought Indian rupees worth Rs 241.31 billion by selling US dollars to finance the imports from the southern neighbour during the first six months of the fiscal year compared to that of Rs 229.55 billion in the same period in the last fiscal year.
SINDHUPALCHOWK, Jan 22: Trade through the Tatopani border point in the north has been closed for the next 20 days. The decision to suspend all trade activities for 20 days was taken after the maintenance of the Miteri Bridge connecting Nepal and China commenced on Thursday.
KATHMANDU, Jan 4: After ending at a fresh high in the last trading session of the year 2020, stocks saw further strength entering 2021. On the first session of the year, the Nepal Stock Exchange (Nepse) index advanced since morning trading. The benchmark rose more than 50 points by mid-day before correcting slightly. However, a steady rise in the remaining trading hours pushed the index 88.12 points higher to settle at 2,175.40.
BEIJING/WASHINGTON, Jan 16: China will boost purchases of U.S. goods and services by $200 billion over two years in exchange for the rolling back of some tariffs under an initial trade deal signed by the world’s two largest economies, defusing an 18-month row that has hit global growth.
Nepal’s ranking in World Bank’s Doing Business (DB) improved from last year’s 110th to 94th, mainly due to the improved scores in getting credit, trading across borders, and dealing with construction permit sub indicators. This news brought much needed joy to the finance ministry beset with the increasing criticism of how it has hitherto handled economy. The finance minister was said to be “giddy”, according to an expatriate living in Kathmandu who met him after the ranking came out, and a news conference was organized in the ministry the next day. The ranking, which had remained more or less constant for more than 10 years (see the graph), suddenly seemed to be moving in the right direction. The ministry officials rightly promised to create a momentum and improve the ranking in the years to come.