Stories Tagged 'Trade deficit'
In August this year, trade treaty review committees of Nepal and India sat down together in New Delhi to comprehensively review the Nepal-India Trade Treaty. The bilateral treaty was last revised back in Oct, 2009. The main agenda of the meeting was to discuss ways on how the two countries could narrow down Nepal’s increasing trade deficit with India.
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Finance Minister Yuba Raj Khatiwada said that the government has revised the tariff rates on a number of goods in a bid to safeguard domestic production and promote exports that is expected to reduce the widening trade deficit.
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The country’s trade deficit widened 26.7 percent in fiscal 2017-18 to Rs1,161.63 billion due to slow growth in export earnings and a steep jump in the import bill.
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Nepal’s agricultural goods import bill crossed Rs200 billion for the first time in the last fiscal year, propelling an already bloated trade deficit to its highest level on record.
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Economic woes are not a priority for the political class on both sides of the aisle
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Nepal has been facing a widening trade deficit with Bangladesh and Bhutan in the last three years. In the past, Nepal used to have a surplus with these countries.
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