Has Generalized System of Preferences Scheme Influenced Nepalese Exports to the United States? An Empirical Analysis

Bhandari, Ganga Ram

doi:10.3126/ejdi.v17i1-2.14520

Cited by 1 publication

(1 citation statement)

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“…Thus, FDI promotion should be the major priority to enhance economic development. Economic diplomacy should be carried out by disseminating information about Nepal's potential as an FDI destination country by updating details about priority sectors, available projects and market situation; making investors aware of GON's adoption of the concept of Special Economic Zones (SEZs), Industrial Estates and potential trade corridors in Nepal; taking advantage of the Everything But Arms (EBA) initiative under the EU Generalized System of Preferences, preference given by India and proximity to large Indian and Chinese markets (Bhandari, 2014); regulating amendments by GON regarding legal and procedural improvements on the Industrial Enterprise Act, Companies Act, SEZ Act, Foreign Investment and Technology Transfer Act and Labour Act (United Nations Conference on Trade and Development, 2003); encouraging and promoting visits of business delegations from potential FDI source countries and facilitating contacts with government agencies and potential partners, if the partner country is willing to invest, then facilitating contacts with local partners (Aryal, 2018); providing information to potential investors of facilities provided to ensure the protection and enhancement of companies or projects; promoting and safeguarding the corporate interest of investment partners in Nepal's interest; providing successful FDI case studies (like accounting firms of multinationals, Kobold watch, Incessant Rain, Cloud factory) to encourage investment in Nepal (Booth, 2018).…”

Section: Investment Promotionmentioning

confidence: 99%

Economic Diplomacy for Development Partnership

Shrestha¹

2021

J. Foreign Affairs

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The turn of events after the end of the Cold War called for revisiting traditional approaches to foreign policy. Shift in the world order triggered by enhanced economic activities in the national, regional and international markets has increased the need for coordinated economic diplomacy. Nepal, after the restoration of democracy in 1990, attempted to institutionalise and practise economic diplomacy through the Ministry of Foreign Affairs and its overseas missions. Exploring the leading features of economic diplomacy, this study revisits the economic diplomacy experiences of Nepal. Underscoring how a country’s development success, in the globalised era, depends on the application of new skills and tactfulness in the conduct of relations by the lead ministry in the government, this paper internalises the importance of more competent and robust strategies to enhance the spirit of coordinated economic diplomacy. Hypothesising that Nepal has huge potential for development and economic growth, and prospects to conduct coordinated economic diplomacy, the study recommends strategies to strengthen coordinated economic diplomacy as a tool to advance Nepal’s economic, political and strategic interests.

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Section: Investment Promotionmentioning

confidence: 99%