Kathmandu: Lawmakers have emphasized the necessity of drafting legislation that promotes the export of goods and services over imports. In a meeting of the Industry and Commerce, and Labor and Consumers’ Committee under the House of Representatives (HoR), members highlighted the importance of focusing on domestic production and export strategies.
According to National News Agency Nepal, the meeting included representatives from the Ministry of Industry, Commerce and Supplies, and the Ministry of Law, Justice and Parliamentary Affairs. Lawmakers Krishna Kumar Shrestha, Hemraj Rai, Rama Koirala Poudyal, Kantika Sejuwal, and Mahendra Bahadur Shahi underscored the need for a balance between exports and imports to mitigate revenue leakage. Shahi noted that current legislation is predominantly focused on imports, advocating for a shift in this approach. Meanwhile, Sejuwal emphasized the importance of simplifying legal procedures.
The committee warned of potential conflicts between the proposed bill and the existing Customs Act. Secretary of the Ministry of Industry, Commerce and Supplies, Govinda Bahadur Karkee, stated that the new bill is designed to amend current legislation and integrate relevant acts to meet contemporary needs.
The bill aims to enhance the systematization of exports and imports, taking into account new innovations in foreign trade. It strives for greater transparency and effectiveness in the regulation system. Key provisions of the bill include the requirement for obtaining a signal number from the relevant department prior to exports or imports, the establishment of an Export Promotion Fund, and the creation of a contact office and a Facilitation and Transparency Unit for international trade.