Kathmandu, January 16
With an aim to enhance the contribution of the commerce sector to the economy or gross domestic product (GDP) of the country, the government is introducing a 10-year longterm strategic plan to enhance the country’s commerce sector.
Motilal Dugad, state minster for MoICS, informed that the ministry will soon publish the notice for the consultancy service. “At present, we have released the terms of reference, which will help anyone interested to formulate a plan.”
He further emphasised that the strategic plan is needed to increase the contribution of exports to the GDP, which has been gradually declining.
“Contribution of exports to the GDP stood at 7.3 per cent in fiscal 2007-08, which dropped to 2.8 per cent in 2018-19,” he informed.
In the past few years, Nepal has witnessed a continuous increase in merchandise trade with sluggish export growth and surge in imports causing trade deficit to balloon.
“The government’s major concern is to overcome the escalating trade imbalances with trading partners,” said Dugad.
As per the ToR document, the purpose to frame the strategic plan is to incorporate all the efforts of reform and enhancement programmes of the MoICS in framework and support trade facilitations while ensuring legitimate trade flows without distorting the economy. The consultancies will also have to provide support in designing MoICS’s annual plan and action, and provide guidance in allocation of time schedule and financial resources from the government and development partners.
Moreover, the firms will have to support in s