Economic experts and knowledgeable persons have stressed that the expansion of opportunities and potential was only possible in a liberal economy.
At an international conference hosted here today by the Kathmandu University School of Management (KUSOM), the experts said there was no alternative to free trade since a hundred percent self-sufficiency was impossible in the present-day world.
They have underlined the need to devise proper policy by identifying the reasons behind the country sliding into an import-oriented economy despite two decades since Nepal joined the World Trade Organization.
Chairperson of the South Asia Board Academy of International Business under the Indian Institute of Management Academy, Prof Dr. Raghunath Supbramanyam said free trade creates opportunities itself. "It provides opportunities in developing competitive capacity and technological usage", he said, adding Nepal should emphasize spurring production based on its local resources.
"Any country has its certain brand. Nepal can identify competitive and own resource-based goods and services in the global market. Improvement in the trading system coupled with the use of information technology could help reap these benefits", he suggested.
Former Commerce Secretary of the Indian government, Dr. Anup Wadhawan said the less regulation and liberal laws in trade the more benefits the economy would yield. "Adopting free trade by any country means cashing in on the advantages of developed and competitive economy to propel prosperity", he argued.
As total self-sufficiency was not possible in the present day, those aspiring for creativity in trade has no option to free trade, he noted.
Kathmandu University (KU) Vice-Chancellor Bhola Thapa said Nepal has been continuously deceived in the area of trade and the country's rising trade deficit was alarming. The trade policies Nepal has adopted so far have not been fairly successful in enhancing production and exploring market opportunities, he said, expressing the confidence that the conference would achieve success in reviewing policy failures and identifying proper policy choices.
KU Professor Achyut Wagle said Nepal's 85 percent trade was merely being done with two neighbors, India and China, so the Himalayan nation should emphasize diversifying its trade.
Trade diversification was spectacular as the two neighbors have been using trade as a strategic good to satisfy their geo-political interests, Wagle stressed. Nepal is weak not only in the export of goods but also in services, he said.
The international conference on free trade, economic development, and economic sustainability would continue until Wednesday.
---
READ ALSO:
