Inking of the bilateral Trade and Investment Framework Agreement (TIFA) between Nepal and the US has granted Nepali products with preferential access to the US, the world's biggest market.
US Trade Representative, Ron Kirk and Deputy Prime Minister of Nepal, Bharat Mohan Adhikari inked the agreement on behalf of their respective governments on April 15. Meanwhile, a delegation consisting of the Secretaries of Law Ministry, Commerce Ministry and Energy Ministry of Nepal too is accompanying the delegation.
With finalization of the deal, government of the two countries will also announce constitution of permanent bodies to carry out discussion on bilateral trade issues and to promote trade and investment between the two nations.
These trade bodies would also deliberate on labelling and trademark registration issues for Nepali carpets, so as to preserve and promote its market in the US.
During a previously held meeting, the Nepali delegation even called for US assistance to develop the capacity of Nepali business community and other stakeholders, so as to enable the country to rationally tap the huge potential of the US market.
Nepal, through a petition had sought GSP facility for 11 readymade garment and one pashmina product.
After withdrawal of the duty-free and quota-free benefit, the US had been subjecting readymade garments, Nepal's biggest export to the US, to a duty of 17 percent.
Fibre2fashion News Desk - India
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