In today's globally interconnected world driven by trade, economic diplomacy has emerged as a critical tool for countries to leverage diplomatic efforts to foster economic growth and development. While trade forms the foundation of Nepal's economic progress, economic diplomacy serves as an important tool to facilitate trade activities. Nepal's diplomatic missions abroad play an indispensable role in promoting exports and advancing economic diplomacy. All Nepali embassies and consulates prioritise economic diplomacy and trade facilitation as core mandates, and a dedicated budget is allocated for them for such activities.
Diplomatic outposts worldwide play an important role in boosting Nepal's export promotion drives. One of their primary functions is to provide timely and accurate market intelligence to Nepali exporters, producers and marketing agencies. Such vital information enables these stakeholders to formulate well-informed export strategies tailored to their target markets. In this context, Nepali missions must address the frequently asked questions (FAQs) raised by Nepali exporters and aspiring export-oriented entrepreneurs about their prospective markets. Among their top concerns are inquiries related to the applicable tariff rates and other non-tariff charges levied on Nepali products in the target country. Additionally, Nepali exporters seek clarity on the non-tariff measures and regulations imposed by the relevant authorities in the destination market.
The primary duty of Nepali missions is to respond to inquiries and serve as effective communication channels between them and prospective foreign partners.
The third common inquiry is related to information about upcoming trade fairs and exhibitions in their targeted export markets. Likewise, the fourth key concern revolves around identifying potential buyers and establishing proper business contacts with them. The fifth inquiry relates to staying updated on market trends and consumer preferences. The primary duty of Nepali missions is to respond to such inquiries and serve as effective communication channels between them and prospective foreign partners. The missions should also provide updated statistical data on applicable tariff rates and non-tariff charges in their host nations. Staffers deputed in these missions can readily access and compile it from the websites and digital repositories of the respective finance ministries and competent regulatory bodies.
Nepali embassies and consulates must collect, update and maintain such vital trade statistics and information in well-organised Excel sheets. This data should be regularly shared with export promotion agencies and relevant stakeholders in Nepal. Additionally, it should be effectively categorised to ensure easy communication with Nepali entrepreneurs.
Furthermore, Nepali missions should also gather import-related procedures, notices, circulars and periodic policy decisions of their respective host countries, and share them with domestic exporters. Equally crucial is their role in identifying potential international buyers and fostering linkages between them and Nepali exporters and entrepreneurs interested in those markets.
(Bajgain is a Senior Officer with the Trade & Export Promotion Center. The views expressed here are his personal.)
