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| Kathmandu, Saturday September 13, 2003 Bhadra 27, 2060. |
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Nepal
is newest entrant in WTO fold
By Ameet Dhakal and
Bhaskar Sharma
CANCUN, Mexico, Sept 12
: The fifth ministerial conference of the World Trade Organisation (WTO) formally approved
Nepal’s membership, fulfilling the kingdom’s 14-year long dream to become part
of the multilateral trading body. The conference also accepted Cambodia as the 147th
member of the WTO.
The two countries have made history by becoming the first two Least Developed Countries
(LDCs) to obtain WTO member by virtue of accession. Though 30 LDCs are WTO members, all of
them joined the trade body by virtue of their membership in the WTO’s predecessor
organisation GATT. The two countries will formally become WTO members thirty days after
the ratification of the agreed terms by the respective governments.
From its application at GATT to WTO membership, Nepal has come a long way. It completed
five rounds of tough bilateral negotiations with existing WTO members and three rounds of
Working Party meetings.
Following the WTO’s approval of Nepal and Cambodia’s accession, leaders from
around the globe extended their congratulations. "The completion of Nepal’s
accession negotiations is most welcome. Not only does it expand the number of WTO members,
it also increases the diversity and depth of the WTO community of members," said WTO
Director General Supachai Panitchpakdi, commenting on approval of Nepal’s accession.
Likewise, United States Trade Representative Robert B Zoellick said, "The accessions
of Cambodia and Nepal to the WTO represent an important chapter in each country as they
strive to more fully realise the promise and opportunity the global marketplace
offers."
Leaders of the Indian and Chinese delegations also congratulated Nepal for its accession
to the multilateral trading body. The 15-member strong Nepali delegation to the WTO meet
organised a press conference late this evening to apprise the media of the accession
process and the deliberations made in the conference.
"Nepal’s, including Cambodia’s membership, is a step forward to the
globalisation process," said the head of the Nepali delegation, Minister for
Industry, Commerce and Supplies Hari Bahadur Basnet, talking to The Kathmandu Post.
Nepal’s commitments
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Broad commitments made in 11 service sectors
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Average binding tariff in agriculture 42 per cent
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Average binding tariff in industrial goods 24 per cent
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Nepal should enact legislation on valuation of imports for customs and taxation by July 1,
2004
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Nepal should enact full provisions of Agreement on Sanitary and Phytosanitary measures by
January 1, 2007
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Nepal should enact full provisions of Agreement on Technical Barriers to Trade by January
1, 2007
* Adequate enforcement relating to Trade Related Intellectual Property Rights to be made
by January 1, 2006
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