Economic transformation necessary: Minister Koirala

Kathmandu, Dec 4 – Minister for Finance, Industry, and Commerce Shankar Prasad Koirala has said the multilateral trade regime should be in focus regarding global trade. 

 

Addressing the WTO commerce ministerial level global conference on the second day of the conference, in Bali, Indonesia, Minister Koirala urged the prosperous countries to be flexible regarding this.

 

Also the coordinator of the least developed countries (LDCs), Minister Koirala said multilateral trade has been more relevant at a time when development issues are to be defined for attaining the millennium development goal by 2015.

 

Sustainable and inclusive development should be the goal now, said Koirala, expressing the confidence that the Bali conference will bring balanced and reliable concept.

 

For this, there is a need of political will from all sides, he added. "Present day World Trade Organisation ( WTO ) is in the phase of the Doha round and development issues should be made trade issues.

 

The issues of least developed countries should be addressed by making customs free and quota-free market access and the rule of origin should be made simple and transparent," said Koirala.

 

The Bali Conference should implement the subsidies in service sector and should finalize the issue of cotton, Koirala said, adding the WTO membership for LDCs should be made simpler and effective.

 

On different   note, Minister Koirala said there is a need of socio-economic transformation for political stability after the conclusion of peaceful elections of the Constituent Assembly in Nepal. 

 

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