The new Nepal Trade Integration Strategy (NTIS) 2023 expands the list of promising export products and services from Nepal to 32, from 12 in the NTIS 2016. Implemented in July, the new products in the latest trade strategy include electricity in the service export category. Other products added include lentils, jute, vegetables, fruits, spices and coffee in the agro category; handmade lokta paper, rosin and turpentine, fragrant oil and textiles of long fiber in the forest sector category; iron and steel, cement and readymade garments in the large-scale industry category; and jewelry, pasta, Himalayan spring water, honey, dog chew and felt in the small and cottage industries category.

Nepal aims to diversify its export market. To complement the new strategy, it will also prepare and implement a country-wide strategy, shared Govinda Karki, joint secretary at the Industry Ministry.

NTIS 2023 aims to increase the country’s trade-to-GDP ratio to 55% by 2026 from 43.81% in 2021. It also targets goods and services exports to represent 20% of Nepal’s GDP, from 6.3% in the base year 2021-2022.

The strategy was last revised in 2016. Mr. Karki noted that the agency is confident that the changes made in the NTIS list will help boost exports. Nepal is under pressure to increase exports to earn and become self-reliant.

The NTIS was initially developed and adopted in 2010 as an updated version of the Nepal Trade and Competitiveness Study 2004. It focused on the development of 12 goods and 7 services to contribute to the country’s poverty reduction goal adopted by the government to make trade inclusive and equitable.

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New trade strategy lists 32 promising exports