International trade brings socio-economic development: Pandey

Participating in the deliberations at the Sixth Committee of the UN General Assembly on the report of the United Nations Commission on International Trade Law (UNCITRAL) on Tuesday, Mahendra Bahadur Pandey, Member of Parliament and member of the Nepalese delegation to the 61st session of the UN, said that promotion of the progressive harmonization and unification of the law of international trade is recognized as a vehicle for socio-economic development.

He further said that globalisation and rapid growth of information and communication technologies have increased both complexities and interdependence in the global commercial transactions.

He emphasized that development, modernization and harmonization of international trade law would provide countries, especially developing and least developed ones, with a tool to deal with the increasing volume and complexity of international trade and business resulting from globalization, while also enhancing the confidence of potential investors and promoting trade and development.

He further said Nepal has been making its efforts to utilize various UNCITRAL instruments in the form of legislative guides and models in the matters relating to both national and international trade law.

Pandey said Nepal, as a member state of the World Trade Organisation, urges the international community to give special consideration to the enhancement of national capacity of least developed countries, which face geographical handicap and other difficulties in their national efforts for making their trade regime qualitative and competitive. nepalnews.com ia Oct 11 06