ADB to Help Nepal Modernize Trade Facilitation
10 July 2017
The Asian Development Bank (ADB) has approved a $21 million loan to support the Government of Nepal’s efforts to simplify, harmonize, and modernize the country’s trade processes to meet international standards. Under the South Asia Subregional Economic Cooperation (SASEC), the program will help Nepal integrate its trade facilitation and customs reform.
Key outputs include:
- Improve national policy and legal framework for trade facilitation
- Improve Customs procedures
- Strengthen Nepal Department of Customs' operational structure
- Enhance Nepal Department of Customs' capacity and increase export competitiveness
The project will contribute to Nepal’s national goals of promoting and diversifying exports, and help the country fulfill its commitments to the World Trade Organization’s Trade Facilitation Agreement and related customs standards.
“It is important for a landlocked country like Nepal to explore better and a more modern trade facilitation as a means to promote exports and, eventually, economic growth and development,” said Ms. Sonoko Sunayama, Senior Economist, ADB. “Hopefully the project can help the Government of Nepal achieve this for its growth and development.”