The Annual General Assembly of the European Economic Chamber (EEC) Nepal has approved annual plans and programs for 2019 at its 12th Annual General Meeting in Kathmandu. As per the press communiqué issued by the Chamber, Nepal Business Forum is planned in Europe for the promotion of bilateral trade, investment and tourism.
The Annual General Assembly deliberated ways and means to capitalize the favorable European Union (EU) trade regime available to Nepalese exports. Under Everything but Arms (EBA) scheme, EU offers zero customs tariff and no quota restrictions to Nepalese exports.
Despite preferential market access, Nepal is 153rd trading partners of EU. The press communiqué states that EU is the second largest export market of Nepal with a 13% share and fourth major import market. In 2016, Nepal – EU bilateral trade amounted to 233 million Euros, of which exports from Nepal were worth 96 million Euros and import amounted to 137 million Euros, resulting a trade deficit of 41 million Euros in EU’s favor. Nepal exports mainly textiles and clothing and imports machinery and transport equipment, chemicals and scores of manufactured products from EU.
The Annual General Assembly noted that the export from Nepal to EU has stagnated over the last decade and to improve the situation called for more conducive business environment, more investment in infrastructure, diversification and easy access to market coupled with wider range and quantity of exportable quality products. The meeting has also called the need to enhance trade-led economic growth in the country.
The Annual General Assembly has also called on the European Union to consider favorably in lifting the ban on Nepalese air carriers ahead of Visit Nepal Year in 2020.