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The gold is being traded at Rs 118, 300 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 117, 750 per tola.

Similarly, the silver is being traded at Rs 1,4000 per tola today.   

The 13th WTO Ministerial Conference (MC13) opened in Abu Dhabi on 26 February with a call to WTO members to seize the full potential of the multilateral trading system so that it delivers for the people it serves, accelerating the green transition and fostering socio-economic inclusion around the world. WTO Director-General Ngozi Okonjo-Iweala urged members to show leadership, flexibility and compromise to deliver important outcomes at MC13 for people and the planet.

In his welcoming speech to the Conference, H.E. Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates (UAE) and MC13 Chair, stressed the historically important role the WTO has played to provide "stability, transparency and predictability for international trade," contributing to "raising living standards, improving employment opportunities and enabling the expansion of trade in goods and services" around the world.

The opening ceremony was attended by Sheikh Khaled bin Mohamed bin Zayed, Crown Prince of Abu Dhabi. Director-General Okonjo-Iweala thanked the UAE for their efficient organization of the Ministerial Conference, the second to take place in the Gulf region after Doha in 2001. 

"Trade runs through this nation's blood. The UAE testifies to how trade can improve lives and livelihoods of people and transform a small or non-diversified economy into a formidable, resilient and prosperous one," she said.

Recalling the successful outcome of the 12th WTO Ministerial Conference (MC12) in June 2022 in Geneva, where ten consensus multilateral outcomes with tangible benefits for people and the planet were achieved, DG Okonjo-Iweala noted that members sent a powerful signal that the WTO can respond to contemporary challenges through strategic cooperation in pursuit of shared goals.

"Success is changing the tone about the WTO, both outside and within it. We will always have our naysayers and detractors but there is no doubt that members have shown that we can deliver when members roll up their sleeves and muster the requisite political will. During the last several weeks, the atmosphere in our preparatory discussions in Geneva has been more constructive and conducive than it was in the run-up to MC12," she said. 

"Our challenge this week is to prove that we can still deliver and demonstrate that MC12 was not a one-off miracle on Lake Geneva. We need to convert improved atmospherics into concrete results. We need to show the world that not only does the WTO underpin over three-quarters of global goods commerce – it is also a forum where members deliver new benefits for people through trade," she added.

WTO members will be seeking to secure “deliverables” during their four-day meeting in areas such as fisheries subsidies, agriculture, WTO reform, development, e-commerce, services and investment facilitation. Also on the ministers' agenda will be how to make progress in their discussions on gender and the environment. 

The opening session saw the adoption of the accessions of Comoros and Timor-Leste, both least-developed countries.

The President of Comoros, Azali Assoumani, and the President of Timor-Leste, José Manuel Ramos-Horta, signed the respective Protocols of Accession to the WTO, which were also signed by DG Okonjo-Iweala. Both governments will now submit their protocols for ratification by their legislative assemblies. In keeping with WTO rules, Comoros and Timor-Leste will become members of the WTO 30 days following the deposit of their respective instruments of acceptance of the Protocol.

Dr Thani bin Ahmed Al Zeyoudi said: "The decisions we have just taken on the accession of Comoros – an island LDC in Africa – and the accession of Timor-Leste – an island LDC in Asia – testify to the world's confidence in the WTO and the multilateral trading system. I strongly believe that through their future membership in the WTO, Comoros and Timor-Leste will have stable and predictable frameworks for economic engagement with other nations which will boost trade, growth and prosperity."    

The MC13 opening ceremony also saw a wave of acceptances of the Agreement on Fisheries Subsidies. Eight members deposited their instruments of acceptance of the Agreement, putting the historic agreement for ocean sustainability on track for entry into force at record pace. Ministers of Brunei Darussalam, Chad, Malaysia, Norway, Rwanda, Saudi Arabia, Togo and Türkiye presented their instruments of acceptance to Director-General Okonjo-Iweala.

The MC13 Chair said: "This is a testament to your governments' commitment to the sustainability of our oceans and to ensuring that multilaterally negotiated outcomes in the WTO are not only agreed – but implemented. As one of the early ratifiers, the United Arab Emirates welcomes the new ratifications as a reaffirmation of this collective commitment."

A new element for ministers at MC13 will be deliberative sessions on trade and sustainable development, and on trade and inclusion. These sessions are intended to provide space for engagement on issues at the centre of contemporary economic debate and the future of trade policy. "We have put questions to ministers to facilitate constructive discussions. These sessions are an experiment – one that I hope will go well so that we can replicate that in the future," said DG Okonjo-Iweala. 

Amidst a very challenging geopolitical and economic environment with higher prices for food, energy and other essentials, shipping disruptions in vital waterways and upcoming elections in some 60 countries this year, trade remains resilient, DG Okonjo-Iweala highlighted. 

"Despite everything we have been through, global goods and services trade remain at or near record highs. International markets anchored in the rules-based global trading system have stayed broadly open, helping businesses, households and economies adapt and adjust to one shock after another. But it would be dangerously naïve to take trade's continued resilience for granted," she said. 

She also stressed that multilateralism is under attack. "Despite the MC12 fightback, the multilateral trading system, which I term a global public good since it was created 75 years ago, continues to be misconstrued in some quarters and undermined," she said.

However, trade remains critical to delivering on many national and global priorities: boosting growth, expanding economic opportunities, meeting the Sustainable Development Goals, and solving collective action problems like protecting our environment or preparing for the next pandemic, she said. 

"Without cooperation on trade, we would move towards an increasingly fragmented world economy, and all of these priorities would become harder, costlier, and in some cases impossible to achieve. People would become more disappointed, more vulnerable, more frustrated. In light of these realities, we need the WTO to stand strong as it approaches its 30th anniversary," she added. 

Pre-recorded and written statements delivered by trade ministers and heads of delegation have been posted on the WTO website following the opening session. Following the practice initiated at MC12, WTO members and observers were asked to submit these statements ahead of the gathering in Abu Dhabi rather than deliver them in person in plenary sessions.

The Government of China has pledged USD 490,000 to the WTO's Least-Developed Countries (LDCs) and Accessions Programme (also known as the China Programme). The China Programme — initiated in July 2011 under the WTO’s Aid for Trade initiative — aims to enable LDCs to better integrate into the global economy by strengthening their participation in WTO activities and helping those not yet members join the organization.

WTO Director-General Ngozi Okonjo-Iweala and China's Minister of Commerce Wang Wentao signed the renewal of the Programme's Memorandum of Understanding (MoU) on the eve of the 13th WTO Ministerial Conference (MC13) to be held in Abu Dhabi on 26-29 February. 

The Government of China and the WTO review the contents and consider the extension of the MoU on an annual basis. The China Programme provides financing to support:

• WTO accessions internships
• WTO accessions round table meetings
• LDCs' participation in WTO meetings
• South-South Dialogue on LDCs and Development
• LDCs' Trade Policy Review follow-up workshops 
• LDCs' Experience Sharing Programme 

This has also contributed to facilitating the participation of LDC delegations in WTO ministerial conferences. 

More information can be found here.

WTO Director-General Ngozi Okonjo-Iweala said: "I welcome this new contribution by China, which will contribute to facilitating the accession of LDCs to the WTO and to supporting their participation in the global economy. This important contribution once again demonstrates China's consistent  commitment to the objective of promoting LDCs' development and trade integration, as well as its solid support for the Aid for Trade initiative of the WTO." 

Minister Wang said: "Empathizing with the acceding countries, China has been taking every solid step possible to help the countries in need. The China Programme, initiated in 2011, funds internships and LDCs' participation in WTO sessions and holds activities, such as Trade Policy Review (TPR) follow-up workshops and South-South dialogues, to help LDCs and developing members prepare a talent pool familiar with WTO rules, strengthen policy coordination, and better integrate into the multilateral trading system. In the past dozen or so years, the China Programme has achieved a lot, helping eight LDCs join the WTO."

Since 2008, China has contributed US$ 8.89 million to assist developing members and observers, especially LDCs, to integrate into the multilateral trading system.

The gold is being traded at Rs 118, 000 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, tejabi gold is being traded at Rs 117, 450 per tola.

Meanwhile, the price of silver, however, has dropped by Rs 15 and is being traded at Rs 1,395 per tola today.  

The government criminalized loan sharking in July last year following a series of protests launched by usury victims. The majority of loan shark victims were poor people leading subsistence living. They had taken loans from unscrupulous lenders for various reasons, from paying medical expenses to sending their sons abroad for foreign employment and paying for their daughters’ weddings. In exchange, they offered what little land they owned as collateral or agreed to pay the interest rates dictated by the lenders.

Little did they know that they had agreed on an impossible deal, that they would forever be indebted to their lenders or lose their collateral. It was as if they had been held hostage by their lenders.         

With the passing of the law that came into effect following the amendment to the National Criminal Procedure (Code) Act 2017, it was expected that the loan sharking victims would finally be free of their financial troubles. Convicted loan sharks could face jail terms of up to seven years with fines up to Rs 70,000. In case of those loan sharks found guilty of confiscating cash or property from borrowers, the law prescribed that they return the equivalent cash or property.

The government also formed a commission to investigate and resolve usury-related cases. The commission recorded thousands of complaints in the initial weeks and many loan shark victims were finally unburdened from their seemingly unending debt cycle. But not everyone got justice. Many loan shark victims still do not seem to have recourse to legal channels. They are still resorting to protests and demonstrations to make themselves heard. 

Usury victims from various parts of the country are still walking all the way to Kathmandu to demand justice. This is a cause for concern; clearly the law has not deterred loan sharks from exploiting the poor. Many victims say that their lenders are too powerful and politically connected. The government should make sure that the concerned authorities prosecute those loan sharks, no matter how powerful or politically linked they are. No one is above the law. 

The Nepal Stock Exchange (NEPSE) plunged by 20. 76 points to close at 2,005. 83 points on Thursday.

Similarly, the sensitive index dropped by 3. 49 points to close at 359. 57 points.

A total of 9, 518,075-unit shares of 309 companies were traded for Rs 3. 20 billion.

Meanwhile, Samaj Laghubittya Bittiya Sanstha Limited (SAMAJ) was the top gainer today with its price surging by 10. 00 percent.

Likewise, Himalaya Urja Bikas Company Limited (HURJA) was the top loser as it's price fell by 7. 60 percent.

At the end of the day, the total market capitalization stood at Rs 3. 15 trillion.

The price of gold has increased by Rs 600 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 117, 100 per tola today. It was traded at Rs 116, 500 per tola on Thursday.

Meanwhile, tejabi gold is being traded at Rs 116, 550 per tola. It was traded at Rs 115, 950 per tola.

Similarly, the price of silver has increased by Rs 35 and is being traded at Rs 1,410 per tola today.  

The price of gold has increased by Rs 100 per tola in the domestic market on Friday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 118, 500 per tola today. It was traded at Rs 118, 400 per tola on Thursday.

Meanwhile, tejabi gold is being traded at Rs 117, 950 per tola. It was traded at Rs 117, 850 per tola.

Similarly, the silver is being traded at Rs 1,370 per tola today.