The Asian Development Bank (ADB) has approved a $21-million policy-based loan to support Nepal government’s efforts to simplify, harmonise, and modernise the country’s trade processes and meet international standards.

The project will support Nepal to develop a national policy and legal framework on trade facilitation and customs procedures. It will also help strengthen the organisational structure of the Department of Customs to boost exports and raise export competitiveness.

“It is important for a landlocked country like Nepal to explore better and a more modern trade facilitation as a means to promote exports and, eventually, economic growth and development,” a statement issued by the ADB quotes ADB Senior Economist Sonoko Sunayama as saying.

The project supported by the Manila-based multilateral financial institution is expected to help the country fulfil commitments on trade facilitation made to the World Trade Organisation and meet international standards on customs procedures. “The project will also assist Nepal to integrate better, in terms of trade facilitation and customs procedures, with the standards of the South Asia Subregional Economic Cooperation,” says the statement.