KATHMANDU: Every single time we see a new government formed in our country we are made promises of self-reliance and a stronger economy. This has also been the stance of the current government who has a 2/3 majority in the parliament. If we take a close look at the statistics of the imports and exports of the country, the situation is pitiful. If we take the numbers as guaranteed which of course they are we are being silently pushed back being dependent on several commodities being imported from third countries. Our imports have are constantly on the rise.

What has happened to our nation which is mainly agrarian? We are sending billions of rupees abroad importing essential agricultural commodities like Rice, Millet, Wheat, Maize, and Corn. Our country which is abundantly blessed in water resources still spends millions importing packaged drinking water. Not only are we importing essential commodities we have also had a history of buying luxury goods which is an added strain to our economy.

In totality, the figure of our imports stands at 14 trillion, 18 billion, 50.3 million, 43 thousand Nepalese rupees. Our government has not been attentive towards our local manufacturing units, thus increasing the level of imports on a yearly basis which is extremely worrisome. Our consumption of local goods has been decreasing, and our craze for foreign goods constantly on the rise has turned our economy into shambles. This has brought huge losses to our economy. This opinion was also firmly recorded by economist Prof (Dr.) Chandramani Adhikari.

Our trade deficit has been increasing at a considerable pace. Our imports have exceeded and are 15 times more than our exports burdening our economy. In the financial year 2018-19, the losses in business amounted to 13 Trillion, 21 Billion, 48 Million, and 22 Thousand Nepalese rupees. According to Dr. Adhikari massive imports has increased the trade deficit and has caused humongous losses to the national economy.

Our country requires production and more manufacturing units in order to be self-reliant, this has not been the case and therefore the growth has been painfully slow. In the agricultural sector, we lack human resources as well as technology. This has led us to import daily essentials. Our country was economically sinking especially in the fiscal year 1998-99 and towards the fiscal period of 2005-06. In the year 1998, our country witnessed an internal conflict which led to shutting down of manufacturing units, attacks on infrastructure and hence employment opportunities were scarce. This resulted in our economic downfall. From the fiscal year 2006-07 after the conflict which brought in peace, the government was still not able to bring back thousands of youth who went abroad in search of a better livelihood. This put pressure on the human resources of our nation and thus our existing and deteriorating condition.

(This is an edited translation the original can be found in our Nepali site authored by Mr. Kamal Mani Pokharel)

TOKYO, June 30: Japan and the European Union are rushing to finalize an agreement on easing barriers between their huge economies to help counter the backlash against free trade by U.S. President Donald Trump.

The two sides hope to have a deal before the Group of 20 industrial nations meets next week in Germany. Local reports said one main point of disagreement was Japan’s up to 40 percent tariffs on imported cheese.

“We are making our utmost efforts,” Japanese Foreign Minister Fumio Kishida said. “We need to take into consideration respective sensitivities and make utmost efforts from the perspective of national interests.”

He told reporters he expected the talks to be both “fierce and tough.”

The EU Trade Commissioner Cecilia Malmstrom and Rural Development Commissioner Phil Hogan were due to hold meetings with their Japanese counterparts. Kishida said the hope was for a deal to be set in a Japan-EU summit ahead of the G-20 gathering in Hamburg, Germany.

Together, the 28-nation EU and Japan form a market of nearly 640 million people and account for nearly a third of global economic activity. Japan is the EU’s second biggest trading partner after China.

European and Japanese leaders have remained committed to lifting trade barriers and expressed concern over the Trump administration’s “America First” approach to trade.

After Trump withdrew the U.S. from a Pacific Rim trade pact that had been championed by President Barack Obama, Japan and other Asian-Pacific countries involved continued talks on a revised version of that initiative, called the Trans-Pacific Partnership.

Both Japan and the EU also have a tradition of protecting their politically powerful farm sectors. Dairy products are an especially sensitive issue for both the EU, with its long traditions and half the world’s market for cheese, and Japan, where farmers are struggling to compete.

Japan has sought to limit its concessions on dairy imports in the EU talks to the 29.8 percent level for processed cheese, mozzarella, Gouda and Camembert agreed to during its TPP negotiations, Japanese media reports said.

“We will resolutely protect our interests. There is no cause for concern,” Yuji Yamamoto, Japan’s minister of farming, forestry and fisheries told reporters in Tokyo.

Japan is keen to see the EU reduce its tariffs on vehicles, electrical machinery and other industrial products.

Both sides are targeting each other’s “non-tariff measures,” such as onerous regulations that deter exporters from even trying to sell in a market.-AP

KATHMANDU: Nepal’s Chairman of Interim Election Council of Ministers and top leaders of major political parties have pledged to work together to materialize economic revolution in the country and lead the country towards prosperity.

Addressing the 47th general assembly of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) in the capital today, they said that political parties would not engage in leg pulling if the issues were concerned with economic activities.

On the occasion, Chairman of Interim Election Council Khil Raj Regmi said its high time to work for the nation building. He also defended the adjusted budget unveiled by the government on Tuesday but added that the budget in itself was not final for development.

However, many regard the political leaders’ commitments unbelievable.

UCPN (Maoist) Chairman Pushpa Kamal Dahal Prachanda had arrived the capital city from Baglung just for few hours to address the FNCCI program while NC President addressed the program in a video conference. Similarly, CPN (UML) Chairman Jhalanath Khanal, Madhesi Janadhikar Forum (Nepal) Upendra Yadav, Madhesi Janadhikar Forum (Loktantrik) Bikay Kumar Gachhadar expressed their opinions and claimed that they would work for economic prosperity as Nepal possess many potentials for development.

On the occasion, Prachanda said that minimum national consensus was needed in economic agendas.

Similarly, CPN (UML) Chairman Khanal said Nepal should learn from the models of economic development carried out by neighbouring countries China and India.

Likewise, NC President Koirala said the NC was always for economic development in the country.

During the program, FNCCI President Suraj Vaidhya urged the political parties to move ahead by making a minimum economic agenda for country’s development.

Similarly, top leaders of the major political have expressed their commitment to energy sector’s development.