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China's foreign ministry said on Wednesday a US-backed economic plan for Asia seeks to decouple countries from the Chinese economy, but many countries are worried about the "huge cost" of doing so, Reuters reported.

Speaking at a regular press briefing, ministry spokesman Wang Wenbin said the Indo Pacific Economic Framework for Prosperity (IPEF) serves US interests and seeks to exclude other countries.

US President Joe Biden launched this plan on Monday. Initial founding countries include Australia, Brunei, Indonesia, Japan, New Zealand, Singapore, South Korea, Thailand, Vietnam and the United States, but not China, according to Reuters.

The United Nations is honoring four Nepali UN peacekeepers posthumously on the occasion of International Day of United Nations Peacekeepers on May 26 at the United Nations Headquarters in New York.

The UN Secretary-General António Guterres will award the Dag Hammarskjöld Medal posthumously to 117 military, police, and civilian peacekeepers, who lost their life serving under the UN flag last year, read a statement issued by the United Nations on Wednesday.

NCE Pitambar Thapa of the UN Interim Force in Lebanon (UNIFIL); Private Dipendra Osti, who served with the UN Mission in South Sudan (UNMISS); Police POA Umesh Kumar Mehattar; who served with the UN-AU Mission in Darfur (UNAMID); and Mr. Jhank Nath Regmi who served in a civilian capacity in the UN Interim Security Force for Abyei (UNISFA) are among the peacekeepers to be honored posthumously.

In his message, UN Secretary-General António Guterres said: “Today, we honour the more than one million women and men who have served as UN peacekeepers since 1948.  We pay tribute to the nearly 4,200 heroes and heroines who sacrificed their lives in the cause of peace. And we are reminded an age-old truth: peace can never be taken for granted. Peace is the prize. We are deeply grateful to the 87,000 civilian, police and military personnel now serving under the UN flag who are helping to realize the prize of peace worldwide.”

The theme for this year’s observance is “People. Peace. Progress. The Power of Partnerships.” According to the Secretary-General, "Around the globe, UN peacekeepers work with Member States, civil society, humanitarians, the media, the communities they serve and many others, to foster peace, protect civilians, promote human rights and the rule of law and improve the lives of millions of people.”

Nepal is the third largest troops-contributing country in the United Nations Peacekeeping mission.

The WTO launched a paper on May 24 that explores the impact of WTO accession on least-developed countries (LDCs) and the best practices established for LDC accessions based on the experience of the nine countries that have joined the WTO as LDCs. The study traces the evolution of the WTO approach to LDC accessions and outlines the various steps in the accession process.

The report — “Accessions of Least-developed Countries to the WTO — Challenges and Opportunities” — summarizes the commitments undertaken by the nine LDCs who have acceded to the WTO under Article XII of the Marrakesh Agreement. It also looks into the challenges and opportunities for LDCs regarding WTO membership, including the importance of participating in WTO activities. The paper also briefly examines the economic performance of recently acceded LDC members to see how they have fared since joining the WTO. 

The authors of the study do not assert direct causality between WTO membership and economic and policy outcomes, as many diverse influences are at work. The paper includes some suggestions and recommendations for those LDCs who are currently negotiating their WTO accessions or contemplating doing so.

“This report is not only timely. It is an illustration of our commitment to support LDC accessions through capacity-building and technical assistance. Nine LDCs joined the WTO after successfully concluding accession negotiations and eight more are still in the accession process. Despite the economic fallouts from the COVID-19 pandemic and other pressing challenges, LDCs have demonstrated remarkable capacity to remain focused to achieve their accession goals,” said WTO Director-General Ngozi Okonjo-Iweala. 

“Timor-Leste and Comoros, in particular, have maintained their accession momentum and are now advancing negotiations towards conclusion at full speed. The Working Party on the accession of Timor-Leste held its third meeting on 29 April 2022, while that of Comoros had its seventh meeting on 19 May 2022. It is our hope that this study, which provides best practices and lessons learned from the nine LDC accessions, concluded to date, can help equip future LDC members to realise membership benefits,” she added.

The paper was prepared in connection with the 10th China Round Table, held virtually on 18-20 January 2022. China's Least-Developed Countries (LDCs) and Accessions Programme (the China Programme) was established on 14 July 2011 with the aim of strengthening the participation of LDCs in the WTO and assisting them in their WTO accession processes.

The Programme has supported LDCs through five main pillars: China WTO Accessions Internship Programme; Annual China Round Tables on WTO Accessions; increasing the participation of LDCs in WTO meetings; South-South Dialogue on LDCs in WTO meetings; and follow-up workshops to LDCs' Trade Policy Reviews.

The paper also provides background on the origins of the LDC Group at the United Nations (UN), which responded to the conviction about the existence of a group of low-income countries, among the poorest in the world, that would benefit from special attention and tailor-made treatment to manage their multifaceted development problems. 

On 18 November 1971, UN Resolution 2768 (XXVI) — “Identification of the least developed among developing countries” — formally established the first list of LDCs, comprising 25 countries. Today, the list includes 46 countries, 20 of which were on the original 1971 list.

The Resolution recognized the significant influence that international trade has on the growth and development prospects of developing countries, and it was not long after the 1971 UN decision that the General Agreement on Tariffs and Trade (GATT) made room for a new approach to the world's poorest trading nations.

Of the 46 LDCs, 35 are members of the WTO. The LDC Group represents one-fifth of the total membership of the WTO. Nine countries have joined the WTO as LDCs in the past 15 years — Nepal, Cambodia, Cabo Verde, Samoa, Vanuatu, Lao PDR, Yemen, Liberia and Afghanistan — and eight more are currently engaged in the accession process: Bhutan, the Comoros, Ethiopia, Sao Tomé & Principe, Somalia, South Sudan, Sudan and Timor-Leste. 

In its concluding observations, the paper notes that the increased LDC involvement contributes to the growing universality of the WTO and brings the stated aims of the WTO closer to realization, including those of cutting living costs and raising living standards, helping countries to develop, giving the weaker a stronger voice, and contributing to peace and stability. 

Finally, the paper makes reference to graduating from LDC status, which should be seen as an important achievement and not as a threat or loss of special privileges. It also highlights that formidable challenges remain as LDCs are yet to fully reap the full benefits of the WTO system. 

This will take time and require continued support from the community of nations and international institutions, particularly with technical assistance and capacity building. But ultimately, the gains will be shared by all, the study concludes.

Bibeksheel Sajha Party Chairman Rabindra Mishra resigned from his post on Wednesday.

Issuing a statement this afternoon, Mishra said that he decided to resign from the post of chairman after party's disappointing results in the recently held local level elections.

"I will take the responsibility for the party's disappointing results," he said in the statement.

Mishra said that he would only remain as a member of the party.

The party emerged victorious only in Pheta Rural Municipality of Bara in the local level elections held on May 13.

David Miller smashed Indian Premier League newcomers Gujarat Titans into the final as they beat Rajasthan Royals in the first qualifier despite a 56-ball 89 from Jos Buttler, BBC reported.

Needing 16 from the final over, Miller hit the first three balls for six to secure victory by seven wickets.

He put on an unbeaten 106 with Hardik Pandya to chase down the Royals’ 188-6.

Defeat does not eliminate Royals from the tournament, as they will compete in the second qualifier on Friday.

To decide who will join Gujarat in Sunday’s final, they will face either Lucknow Super Giants or Royal Challengers Bangalore, who play in the eliminator on Wednesday, according to BBC.

Rajasthan posted a competitive total after captain Sanju Samson’s 47 off 26 balls and England batter Buttler’s late surge of 50 from his final 18 balls.

The Titans slipped to 85-3 in reply before Miller and captain Pandya (40 not out off 27 balls) came together, and the Rajasthan bowlers and fielders started to struggle.

South Africa batter Miller took advantage, finishing with an unbeaten 68 from just 38 balls, including five sixes, BBC reported.

The Nepal Stock Exchange (NEPSE), the sole secondary market of the country, increased by 5.29 points to reach 2222. 49 points in the pre-open session on Wednesday.

Similarly, the sensitive index surged by 1. 54 points.

As many as 957 shares of 11 companies were traded at Rs 440, 000.

Two persons including a policeman died after commuter bus hit a motorbike they were on in Jhapa on Wednesday.

DSP Basanta Pathak of the District Police Office, Jhapa said that the duo died on the spot when the bus (Province 1-02040 Pa 7149) hit the two-wheeler (Ko 1 Kha 7287) this morning.

The deceased have been identified as Prakash Rai (26) of Pathari Sanischare-8 of Morang and Jituhang Rai (26) of Shadananda, Bhojpur.

Prakash was a constable stationed at the District Police Office and Jituhang was a temporary policeman.

Police said that they have impounded the bus and arrested its driver for investigation.

Sri Lanka has decided to seek fresh assistance of $500 million from India to augment its fuel imports, as the island reels under a crippling economic crisis manifesting in persisting shortages of essentials, The Hindu reported.

For weeks now, citizens are spending long hours lining up outside fuel stations — at times all day or night — to pump petrol or diesel, currently in short supply, as crisis-hit Sri Lanka runs out of dollars to pay for imports.

Public transport has been stalled due to the unavailability of fuel, businesses have been hit, and schools were forced to remain closed as students are unable to commute. Over the last few days, Sri Lankan social media saw many accounts of families being unable to access emergency medical care due to the lack of fuel. The government has asked “non-essential” staff to work from home, to save on fuel consumption.

“The Cabinet of Ministers granted approval for the proposal submitted by the Minister of Electricity and Energy to obtain a series of short-term loan facilities worth another $500 million with the assistance of the export–import bank of the Indian government in order to purchase petroleum products required by the country settling the foreign exchange shortage existing at the moment,” the government said in a statement following the Cabinet meeting on Monday. 

Fuel prices saw a record hike on Tuesday as diesel, earlier sold for LKR 289 ($0.80) a litre, now costs LKR 400, reflecting a 38 % jump. Petrol prices rose from 338 to 420 Sri Lankan rupees, threatening to further increase costs of all essential commodities whose prices are already skyrocketing, according to The Hindu.

For several months now, Sri Lanka has been amidst an unprecedented economic downturn, sparking street protests by citizens across the country. A group of demonstrators are camping outside the Presidential Secretariat in Colombo for 46 days in a row, demanding that President Gotabaya Rajapaksa, who they hold chiefly responsible, quit office. 

Amid a heightening crisis, the government announced last month that it would pre-emptively default on the country’s foreign debt totalling $51 billion as the “last resort”, and is currently negotiating a package with the International Monetary Fund. However, Central Bank Governor Nandalal Weerasinghe on Monday noted that it was difficult to give a timeline of Sri Lanka’s economic recovery that, he said, was contingent on the success of the measures taken by the government. 

Much of Colombo’s initiatives so far have been about tapping external help from bilateral partners and multilateral lenders. India has already extended credit lines worth $700 million so far for fuel imports —as part of the total $3.5 billion assistance extended so far since January — and delivered over 5 lakh MT of fuel, including the latest shipment of 40,000 tonnes of petrol that reached Colombo on Monday. Meanwhile, the government is also considering various options to expand Sri Lanka’s domestic energy sector, including with foreign investment. Minister of Power and Energy Kanchana Wijesekera on Tuesday announced plans to advertise plots for studies on oil exploration in the Mannar Basin, where Cairn India was earlier involved in exploration, The Hindu reported.