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USA Shows Concern on Promotion of Nepali Products and Investment

Third Meeting of TIFA Today

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USA Shows Concern on Promotion of Nepali Products and Investment
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April 20The meeting of the Trade and Investment Framework Agreement (TIFA) council is being held today after six years with an objective of increasing the customs and quota free market access between Nepal and USA.

The third meeting of TIFA being held from April 20 is observed as significant for the bilateral trade expansion with USA.

TIFA is an agreement between two countries for trade promotion and investment. It has been expected that the successful implementation of the agreement can promote export of Nepal and can attract investment from USA benefiting both the countries. The meeting was held for the first time in 2011 with an aim to promote Nepali products in USA and to increase their sales.

The second meeting of the council was held in June in Washington DC last year. In that meeting, the Government of America under Section 915 provided trade preference or customs waiver to Nepal on 66 Nepali products. According to Rabi Shankar Sainju, Spokesperson of the Ministry of Commerce (MoC), the trade preferences provided by America will be valid till 2025.

The products that get the facilities under the trade preference programme are - carpets, woolen caps, Pashmina shawls including materials used for travel.

According to the Ministry, in today’s meeting, discussion will be held on technical help for the expansion of markets for products that have got trade preference facility. Similarly, the possibility on trade and investment between Nepal and America will also be discussed. As far as the Ministry is concerned, the discussion will also be held on American investment on Nepal’s infrastructure as there is a tremendous possibility for it. However, there is a need to create conducive environment for the same, sources said.

    

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