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Nepal announces new economic policy

Private sector will get priority
KATHMANDU. May 19: Nepal has announced a new economic policy aimed at promoting trade by Increasing the role of the private sector "tn a liberal and open environment." reports AFP.
Under the policy. Impor tance will be given to promoting sustainable exports while the role of government will gradually be reduced In order to encourage private entrepreneurs, state radio and government officials said Saturday
It also emphasizes the need to diversify trade through the Identification, development and production of new prod ucta, and calls for reducing
Nepal's trade deficit while using trade to Increase employment.
"Export of all items (except restricted commodities) has been liberalised and a provision has also been made under which licences need not be obtained for Import of Items except those which fall under the bidding system," the radio said, quoting the Commerce Minister.
The list of restricted items. 43 in all. Includes industrial raw materials such as palm oil. vegetable ghee and plastic granules
Nepal already plans to make the rupee currency fully con vertible ip the near future.
The state radio also said that, under the new policy. Nepal would sign new treaties and agreements with other countries and organisations If necessary to promote trade.
Provisions have been made to set up a commercial council and to study and Improve Nepal's transportation network, the radio added.
Nepal Imported 3 17 million dollar worth of goods more than tt exported In the nine months ended mid- April. Seventy per cent of its export earnings come from readymade garments and woolen carpets.
The new trade policy Is designed to make the com-
mercial sector open, competitive. transparent and market-oriented," a Commerce Ministry official said.
Tt alms at contributing to the economy by promoting national and International trade through Increasing participation of the private sector in an open and liberal atmosphere." he sakl.
Under the export policy, exporters will be able to exchange part of their foreign exchange earnings at the pre vailing market rate.
The policy also aims at promoting exports through Improvements In the quality of exported goods and by encour-aglng the export of commodi-
ties and services which are likely to earn more foreign currency," the official said.
"Similarly, the policy aims to generate foreign currency Income through the development of service-oriented professions. encouraging the export of hydro- electricity to India tn a profitable manner through private entrepreneurs, and mobilising Nepalese agencies abroad in the task of promoting exports."
The policy also stresses the Improvement of container and bonded warehouse services," the official continued, adding that there would be no "quantitative restrictions' on exports carried by tourists
"Under the export policy, duty drawback will be effectively Implemented for the Import of raw materials needed for the production of exportable commodities and the Intermediate goods." the official said
The system of providing loans prior to and after the export of commodities and scr vices will be simplified." he added.
"Income earned from export will be exempt from Income tax. export procedures and documentation processes will be simplified and ar rangements arc to be made for monitoring export activities ’