Nepal | September 22, 2020

Nepal, United States scheduled to sit for talks next month

• TIFA council meeting

Himalayan News Service
Share Now:

Kathmandu, May 16

The Trade and Investment Framework Agreement (TIFA) council meeting between Nepal and the United States has been scheduled for June 9 and 10 in Washington, five years after signing of the agreement.

The very first meeting of the council was held in the United States after signing of TIFA on April 15, 2011. While signing TIFA, the two countries had agreed to hold the council meeting at least once a year to ensure effectiveness of the bilateral agreement. However, the meeting has not been held since then due to various reasons, including US presidential election, SAARC summit, devastating earthquakes of last year, among others.

The TIFA council meeting is jointly chaired by the Nepali commerce minister and the United States Trade Representative (USTR).

Following the preparatory meeting for TIFA in mid-March this year, when Deputy Assistant US Trade Representative Dawn Shackleford had visited Kathmandu, both countries have scheduled the meeting for next month.

As the United States has announced its support for trade capacity development of the country through an exclusive act for Nepal, ‘Trade Facilitation and Trade Enforcement Act’, the country will design the areas to mobilise the US support and discuss the same during the TIFA council meeting. Along with duty-free
access for 66 Nepali products over the next 10 years, the act has also envisaged to support the trade capacity enhancement of the country.

The country may utilise the US support for establishment of labs, accreditation centres and cooperation on patent, trademark, and industrial designs for promoting Nepali goods in the international market, according to the Ministry of Commerce.

The upcoming council meeting will cover raft of issues related to trade and investments. Nepal has been preparing to lure investors from the US by showcasing various projects in hydropower, tourism, industry and service sectors.

The exclusive act for Nepal is expected to come into force by the end of this summer when all the procedural stipulations are completed. The US will grant preferential treatment for Nepali products like pashmina, headgear, shawls, leather products, scarves, carpets, travel goods, among others, into the US market under the facility when the law comes into force.

Currently, Nepal enjoys trade surplus with the US. Nepal enjoyed trade surplus of around Rs one billion with the US in the first seven months of current fiscal. In the review period, Nepal exported goods and services worth Rs 5.01 billion to the US and imported goods amounting to Rs 4.02 billion from the world’s largest economy. The trade surplus amount with the US has been gradually narrowing in the recent years as import from the world’s largest economy has been increasing each passing year against sluggish export.

Woollen carpets, readymade garments, handicraft items, silver jewellery, woollen and pashmina products, handmade paper products, precious stones, and articles of apparel and clothing accessories are Nepal’s major exports to US.

Similarly, Nepal imports aircraft spare parts, machinery and mechanical appliances, optical, photographic, cinematographic parts, pharmaceutical products, man-made staple fibres, edible vegetables, cereals, essential oil, perfumery and cosmetics from the US.

A version of this article appears in print on May 17, 2016 of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

In Pictures: Lalitpur school provides internet facility to students sans access

Lalitpur, September 21 Teachers take online classes with internet facility provided by school at the empty classroom of Shree Rudrayanee Secondary School in Khokana, Lalitpur on Monday, September 21, 2020. The School has facilitated internet access to those students who cannot avail the same at h Read More...

Nepal COVID-19 Update: 1154 new cases, 1005 recoveries, 16 fatalities logged Monday

KATHMANDU: Nepal’s Health Ministry, in its regular press briefing, shared the latest updates on coronavirus contagion from across the country, and government’s response to the health crisis. Read Also: 674 more infections logged in Kathmandu valley, amounts to over 58pc of total new cases Read More...

Indian filmmaker Anurag Kashyap to pursue legal route against sexual misconduct allegations, actress Payal Ghosh to file FIR

KATHMANDU: Bollywood filmmaker Anurag Kashyap, who has been accused of sexual misconduct by budding actress Payal Ghosh, said he intends to pursue legal action while the actress has said she will file an FIR against him. Issuing a statement through his lawyer, Kashyap also said it was sad that a Read More...

Indian actress Richa Chadha initiates legal action after Payal Ghosh drags her name in #MeToo case against Anurag Kashyap

KATHMANDU: Bollywood actress Richa Chadha has revealed that she has initiated legal action against after her name was dragged in a defamatory in #MeToo case against filmmaker Anurag Kashyap by actress Payal Ghosh. In a video released to ABN Telugu, Ghosh claimed that Kashyap tried to harass her i Read More...

American actress Mindy Kaling finds Deepika Padukone, Sonam Kapoor talented, wants to work with them

KATHMANDU: Indian origin American actress Mindy Kaling wants to work with Bollywood actresses Deepika Padukone and Sonam Kapoor as she finds them talented. "I would love to work with Sonam Kapoor or Deepika Padukone. They're both so talented," Mindy was quoted as saying Read More...

Manchester City _Ilkay Gundogan

Man City's Gundogan tests positive for COVID-19

LONDON: Manchester City midfielder Ilkay Gundogan has tested positive for COVID-19, the Premier League club said on Monday, making him the third player in the squad to return a positive test in recent weeks. City winger Riyad Mahrez and defender Aymeric Laporte previously tested positive for the Read More...

Djokovic to face Schwartzman in Italian Open final

ROME: Novak Djokovic was made to work hard by Casper Ruud in blustery conditions before the world number one got past the unseeded Norwegian 7-5 6-3 on Sunday to reach the Italian Open final. The Serbian had to save two set points in the first set before finding his groove to reach his 10th title Read More...

Leicester go top, Liverpool claim second win as goals fly in

LONDON: Champions Liverpool and Leicester City maintained their winning starts to the Premier League on Sunday as the second weekend of the new season produced a goal-rush. Sadio Mane scored twice just after the break to give Liverpool a 2-0 victory at Chelsea who played half the game with 10 men Read More...