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April 23: The US government has urged the Nepali Government and business sector to take advantage of the Nepal Trade Preference Programme initiated by the US government last year. After the third meeting of Trade and Investment Framework Agreement (TIFA) council, the US government urged the government and Nepali traders to fully exploit the Trade Preference Programme. Under the programme, Nepal can export 77 products without any duty to USA. The government of USA, in a bid to support the economic growth of Nepal, after the devastating earthquake, provided duty-free access to 66 products. However, after the third meeting of TIFA, the US added 11 more products to the Nepal Trade Preference Programme.
In the meeting, Nepal disseminated information to American side on improvements made in the sectors of promoting investment, custom management and easing businesses. The Nepali side also informed the US representatives about the various technical supports required to forward reform programs on these sectors. Meanwhile, the American side praised the reformation tasks in the sectors of financial and industrial strengthening, promotion of investment, conservation of intellectual assets and easing businesses. Moreover, the US committed to provide technical support to reform these sectors in the meeting.
In a bid to promote and increase trade of Nepali products in American market, Nepal and America carried out TIFA agreement on 2007. The third meeting of TIFA, which was held in Kathmandu, last week, was led by Naindra Prasad Upadhyay, Commerce Secretary from the Nepal side and by Mark Linscott, assistant trade representative from the US.
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