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Nepal-India Chamber of Commerce & Industry (NICCI) welcomed the outcome and urged for speedy implementation of the India-Nepal Inter-Governmental Committee (IGC) on Trade, Transit, and Cooperation to Combat Unauthorised Trade that was held in Kathmandu on January 10-11.

A meeting of the Inter-Governmental Sub-Committee (IGSC) on Trade, Transit, and Cooperation to Combat Unauthorised Trade at the level of Joint Secretary had earlier held on January 12-13, 2024 in Kathmandu.

The Nepali delegation was led by Secretary Gobinda Bahadur Karkee, Ministry of Industry, Commerce and Supplies of Nepal and the Indian side by Commerce Secretary Sunil Barthwal, Ministry of Commerce, Government of India. Apart from secretaries senior officials from different Ministries and relevant departments of both the countries, including the Embassy of India in Kathmandu took part in meeting.

NICCI welcomed the outcomes of the IGC, a bilateral mechanism aimed at strengthening trade and investment ties, that did a comprehensive review of the whole gamut of bilateral trade and economic relationship, including mutual market access issues, IPR and duty related issues, reads a statement issued by NICCI.

NICCI is hopeful of renewed enthusiasm in trade and transit as the IGC also discussed on review of the Treaty of Transit and the Treaty of Trade, proposed amendments to existing agreements, the harmonization of standards and the synchronized development of trade infrastructure including the electrification of the Raxaul-Birgunj rail line.

NICCI also welcomed Indian decision to supply 200,000 MT wheat that was requested by Nepal. 

In the meeting, the Indian side agreed that as per prevailing regulations of Ministry of Road Transport and Highways, maximum axle weight of 18.5 tonnes for two axle vehicles and 28 tonnes for three axle vehicles may also be applicable to Nepali vehicles with respect to the cargo-in-transit on Kakarbhitta (Nepal)-Banglabandha (Bangladesh) via Phulbari (India) route, which is a welcome step, according to NICCI. 

Likewise, in response to Nepali side’s requests, the Indian side informed that Sal Seeds and Chayote have been included in the Plant Quarantine Order of India. The request for Jatamasi - Root extract; Sugandhkokila berry extracts; Sugandhwal Rhizome extract and Timur berry extracts into the list of Processed Items (Plant Products) has also been accepted, which is also welcome move by the India.

During meeting, at the Indian side’s request, Nepali side expressed openness to reviewing the documentation regarding the reclassification of products like EPAQUE and POLYHIDE 28 in their technical systems. The Indian side highlighted the problems faced in milk exports to Nepal. The Nepali side agreed to consider the request of Indian side positively for milk products not adequately produced in Nepal such as whey and cheese.

NICCI finds it positive that the meeting welcomed bilateral initiatives aimed at reinforcing the seamless cross-border connectivity between India and Nepal including through construction of new Integrated Check Posts and railway links. Both sides expressed a commitment to taking forward bilateral connectivity, reflecting the shared vision of prosperous bilateral trade. Both sides agreed to form a Joint Working Group for discussion on the acceptance of Online CoO with Nepal and SAFTA.

NICCI is of the view that India as the largest trade and investment partner for Nepal, its contribution to Nepal will further fortify the economic and commercial linkages between the two countries.

The Nepal Stock Exchange (NEPSE) plunged by 15. 54 points to close at 2, 594. 13 points on Monday.

Similarly, the sensitive index dropped by 2. 56 points to close at 441. 42 points.

A total of 13,870,579-unit shares of 322 companies were traded for Rs 6. 65 billion.

Meanwhile, Barahi Hydropower Public Limited (BHPL) was the ​​​​​​top gainer today with its price surging by 10. 00 percent. Likewise, Aatmanirbhar Laghubitta Bittiya Sanstha Limited (ANLB) and Sindhu Bikash Bank Ltd (SINDU) were the top losers as their price fell by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 4. 30 trillion.

Manang, Jan 13: Snowfall has occurred in Manang, a mountainous district, bringing joy to the locals.

This marks the first snowfall of the winter season, which had been expected since the month of Mangsir (November-December). Kishan Mukhiya Gurung of Nesyang Rural Municipality-1, shared that the hills are now blanketed in snow.

He added that winter snowfall is good for crops as it keeps the soil moist and fertile.

He added that snowfall is favourable for the cultivation of medicinal plants, including Yarsagumba (Ophiocordyceps sinensis), Panchaule (Dactylorhiza hatagirea), and Chiraito (Swertia chirayita).

Yagya Ghale from Tachai of Naso Rural Municipality-8, stated that the delayed snowfall had adversely affected Manang's tourism sector, with potential visitors postponing their trips due to the lack of snow.

"We hope tourist arrivals will increase now with the beginning of snowfall though it is not significant." However, Naso Rural Municipality-5 Ward Chair, Thuten Lama, said that there is no indication of snowfall in the lower Manang. Snowfall serves as a crucial source of irrigation for winter crops such as potatoes, buckwheat, and barley in these areas.

More than 110,000 adolescent girls of Kathmandu district would be vaccinated with 'Human Papillomavirus' (HPV) vaccine against cervical cancer.

At a program organized by the Public Health Office, Kathmandu, on Sunday, senior public health administrator Satish Bista shared that 110,263 girls aged 10-14 of 11 local levels of Kathmandu district would get HPV vaccine against cervical cancer.

A total of 97,540 girl students from Grade 6-10 as well as 12,723 girls between 10-14 years, who are out of school, would be vaccinated.

The vaccine would be administered through 1,101 schools and 146 other vaccination centres.

Total 2,412 health workers would be deputed for vaccination campaign in Kathmandu district. It would run from February 5-18.

Chief of the Public Health Office, Kathmandu, Basanta Adhikari, said activities are underway by forming vaccination committee under coordination of Mayor and chairperson in municipalities to run the campaign successfully.

The government is launching a vaccination campaign against cervical cancer targeting 1.688 million adolescent girls between 10-14 years from Grade 6-10 across the country.

The Kathmandu District Court has ordered the police administration to keep Rastriya Swatantra Party President Rabi Lamichhane in the judicial custody.

A single bench of District Judge Madhav Prasad Adhikari issued an order to keep President Lamichhane in the judicial custody, asking him to appear at the bench at 10 am on Monday.

He was sent to the judicial custody as there was no hearing today.

Registrar at the Kathmandu District Court Ramu Sharma said, "Statement of Lamichhane was recorded over the issue of funds embezzlement of Swarnalaxmi Cooperatives of Kathmandu." 

The Nepal Stock Exchange (NEPSE) plunged by 25. 41 points to close at 2,609. 67 points on Sunday.

Similarly, the sensitive index dropped by 4. 55 points to close at 443. 99 points.

A total of 8,021,631-unit shares of 301 companies were traded for Rs 3. 99 billion.

Meanwhile, Wean Nepal Laghubitta Bittiya Sanstha Limited (WNLB) was the ​​​​​​top gainer today with its price surging by 10. 00 percent. Likewise, Nyadi Hydropower Limited (NYADI)was the top loser as its price fell by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 4. 32 trillion.

The price of gold has increased by Rs 1, 600 per tola in the domestic market on Thursday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 155, 700 per tola today. It was traded at Rs 154, 100 per tola on Friday.

Similarly, the silver is being traded at Rs 1, 860 per tola today.

Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has said the climate change and sustainability of trade are common global agenda, so they warrant collective action and address.

Inaugurating the 3rd annual conference on 'Climate Change and Sustainability of Trade in South Asia' organized jointly by the World Trade Organization and the Kathmandu University in the federal capital on Saturday, DPM Paudel reminded that Nepal is on the forefront of climate change vulnerability, resulting into adverse impacts on socio-economy and infrastructures.

Decentralization of production centres and diversification of supply chain could help reduce risk in trade infrastructures, according to him.

The DPM hoped the conference would be fruitful to whet the pressing issues of climate change in south Asia and build common perspectives among policy makers, researchers and private sector representatives so that they would take proper strategies for future.

Efforts made by Nepal despite its negligible role in climate change need to be made visible. The climate actions like mitigation and adaptation should be prioritized, he suggested.

Similarly, the Finance Minister pointed out the need for developing climate resilient infrastructures so that supply chain will not be disrupted. On the occasion, Registrar at the Kathmandu University, Dr Achyut Wagle, said the initiatives for sustainable economic development should be friendly to private sector. Just and balanced efforts in south Asia can promote trade, he said, adding that continuous actions are required to reduce impact of climate change.

In view of Joint Secretary at Ministry of Industry, Commerce and Supply, Devraj Joshi, Nepal could forward sustainable trade by addressing the problems facing trade and climate change.

Study and research in this sector would enrich policy and action plans, he believed. Representatives from nine countries including Nepal, India, Bangladesh, China, Turkey, and Indonesia attended the event.