Briefs (Spotlight Weekly)

King Gyanendra reciving credentials from Algerian Ambassador

ALTHOUGH THE TRADE TREATY between Nepal and India has been renewed, lack of implementation has severely hampered Nepal's exports to its southern neighbor. The trade treaty, which was renewed after months of negotiation on March 5, was expected to sort out most of the outstanding complexities such as the imposition of anti-dumping duties, special additional duties, luxury taxes and quarantine check posts. However, India has not taken concrete steps in removing the obstacles as promised during the final negotiations. President of Federation of Nepalese Chambers of Commerce and Industry Rabi Bhakta Shrestha said India should be more cooperative at a time when the Nepalese economy is in turmoil. He said discussions were continuing with concerned Indian officials to sort out the problems.

THE HOUSE OF REPRESENTATIVES State Affairs Committee (SAC) has decided to study the regulation of the Indo-Nepal open border to stop its misuse for terrorist activities, cross-border smuggling and other criminal activities according to a committee member. He said most SAC members felt it was the right time to take steps to regulate the 1,800-kilometer open border. He said they believed India, which has opposed such measures, would agree this time, as both countries were committed to rooting out terrorism from the region. The members said it was time to launch a joint study for the purpose.

REPRESENTATIVES OF Nepalese vanaspati ghee industry held discussions with officials from India's Central Warehouse Corporation (CWC) in Kathmandu on ways of facilitating the export of ghee to India. The Indian government decided recently that import of vanaspati ghee would have to be channeled through the CWC. The decision has hampered Nepal's export. The CWC officials arrived in Kathmandu to sort things out.

THE CENTRAL BANK HAS SOUGHT the Finance Ministry's permission to provide loan worth Rs. 1 billion rupees to rescue sick industries. The meeting of the board of directors of the Nepal Rastra Bank (NRB) decided to seek the ministry's permission, as such loans were essential to rescue sick industries. According to NRB officials, almost all of the Rs. 1 billion set aside in the current fiscal year's budget for rescuing sick industries had been spent. The government has designated tourism-based industries like hotels, aviation and export-oriented industries like pashmina, readymade garments and carpets as sick industries.

THE SUPREME COURT HAS ISSUED a directive against the government and the Kathmandu and Lalitpur municipalities to rid the capital city of its garbage problem and maintain a healthy environment by introducing standards in accordance with provisions of the environment act and regulations. The directive came in response to a writ petition that sought compliance from the authorities of the provisions stated in the Environment Protection Act and Environment Protection Regulations as well as the Local Self-Governance Act.

THE NATIONAL FLAG CARRIER Royal Nepal Airlines Corporation (RNAC) is set to resume its Dubai flights from June 17. According to the corporation, it has received permission to operate the flight from Dubai authorities. The corporation is preparing to operate three flights a week to the Gulf emirate. The RNAC had cancelled its Dubai flights, which were part of its European service, last September.

WITH THE PREVAILING ECONOMIC uncertainties limiting new areas of investment, the people have begun to fall back to the tried and tested strength of gold. The increase in investment in the yellow metal has resulted in a steep price rise. Gold price has reached its highest level for six years. The bullion price, which had shown marked fluctuation in the world market since the 9/11 attacks in the United States, has reached Rs. 8,420 per gram (Rs. 9,821 per tola) — higher by Rs 80 than the maximum recorded six years ago. Analysts have said that gold price is rising in the international market as well. Meanwhile, the import of the gold has fallen dramatically. Because of soaring prices in the world market and economic depression at home, dealers have cut down its imports.

THE RE-CONSTRUCITON OF THE Mayadevi Temple, under way at a cost of Rs 71.8 million, would be completed by the mid-June this year, said Bal Bahadur KC, Minister for Culture, Tourism and Civil Aviation. KC, addressing a meeting organized in Lumbini, the birthplace of Lord Buddha, on the occasion of 2546th Buddha Jayanti, said that a 2.8-km wide circular pond would be constructed in accordance with the master plan and archeological excavation would be carried out in the Lumbini Village soon. Earlier in the day, the idol of Mayadevi, mother of Lord Buddha, which was temporarily kept in a shed, was installed inside the temple. The "marker stone", which is believed to have been installed by Emperor Ashok, which was instrumental in identifying the Buddha's exact birthplace, will be displayed on the surface covered with a bullet-proof glass.