Nepal | July 13, 2020

Nepal and US preparing for TIFA council meeting

Himalayan News Service
Share Now:

Kathmandu, March 14

Nepal and the United States are planning to hold the Trade and Investment Framework Agreement (TIFA) council meeting in either April or May, five years after the signing of the agreement. Visiting Deputy Assistant US Trade Representative Dawn Shackleford met commerce secretary here today to discuss about the preparations of TIFA council meeting.

Nepal and the US had signed 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 five years. The very first meeting of the council was held in the US after signing of TIFA.

During the preparatory meeting held in the commerce ministry, Nepal has proposed to organise meeting in the country, said Ravi Sainju, joint secretary at Ministry of Commerce (MoC). “The date and venue will be fixed later as per the convenience of both sides, but we are planning to hold the meeting in April or May.”

The TIFA council meeting is jointly chaired by the secretary at the Ministry of Commerce and the United States Trade Representative (USTR).

The preparatory meeting for TIFA council meeting was also held here in July, 2014. But the preparation for SAARC summit, earthquakes of April and May and recent political turmoil stalled the TIFA meet, as per Sainju.

As the US 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.

“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,” another high level official at MoC said.

The exclusive act for Nepal recently enacted the US congress provides duty-free access for 66 Nepali items in the US market for next 10 years. 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 come into force. It is reported that the law will come into effect next month after completion of some procedural stipulations.

Officials here say the upcoming council meeting will cover wide range 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.

Currently, Nepal enjoys trade surplus with the US. Nepal enjoyed trade surplus of Rs 1.42 billion with the US in the first six months of current fiscal. In the review period, Nepal exported goods and services worth Rs 4.39 billion to the US and imported goods amounting to Rs 2.97 billion from the world’s largest economy.

Woollen carpets, readymade garments, handicrafts, silver jewellery, woollen and pashmina products, handmade paper products, precious stones, and articles of apparel and clothing accessories are Nepal’s major exports to the 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 March 15, 2016 of The Himalayan Times.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Sterling scores hat-trick as City hit Brighton for five

BRIGHTON: Raheem Sterling struck a hat-trick as Manchester City crushed Brighton 5-0 at the AmEx Stadium in the Premier League on Saturday. Second-placed City had lost their previous three away games but never looked likely to extend that streak against a Brighton side that struggled fro Read More...

La Liga, Barcelona

Sloppy Barca grind out win over Valladolid to stay on Real's heels

VALLADOLID: Lionel Messi notched a 20th assist of the season to help a lacklustre Barcelona secure a 1-0 win away to Real Valladolid on Saturday, maintaining the pressure on La Liga leaders Real Madrid. Chilean midfielder Arturo Vidal struck the only goal of the game in the 15th minute, fir Read More...

NCP Standing Committee divided on one-on-one talks

Kathmandu, July 11 Ruling Nepal Communist Party (NCP) leader Asta Laxmi Shakya said Prime Minister KP Sharma Oli should have used his address to the nation yesterday to calm down youths protesting in the street in his support. “I was expecting the PM to say that our party had won people’s Read More...

Security Printing Bill registered in National Assembly stipulates reliable service

KATHMANDU, JULY 11 The Security Printing Bill registered by the Ministry of Communications and Information Technology in the National Assembly on July 8 stipulates the provision of a security printing centre. As per the bill, the centre shall be an autonomous body. The functions, duties and p Read More...

Population management government priority, says Health Minister Dhakal

KATHMANDU, JULY 11 Minister of Health and Population Bhanubhakta Dhakal said the government has prioritised management of population for the country’s development. Delivering a message on the occasion of the 25th World Population Day today, Minister Dhakal claimed that Nepal had made progres Read More...

90 houses at risk, 40 people sheltering in school

POKHARA, JULY 11 Carrying a 19-month-old child, Susmita Pariyar was searching for an apartment in Kharane Phant this afternoon. Since yesterday’s disaster that took the life of her neighbour Durga Bahadur Sunar in Paitedanda of Pokhara, she has been afraid of staying in her house in Paitedanda. Read More...

Technology to empower children, youth

KATHMANDU, JULY 11 Rakuten Viber, one of the world’s leading messaging apps for free and secure communication, and UNICEF, working for child rights in Nepal, have collaborated to launch U-Report Nepalchatbot on Viber. U-Report Nepal is a community participation tool empowering young people t Read More...

‘Waterborne disease, another threat for nation’

KATHMANDU, JULY 11 While the country is grappling with the coronavirus pandemic, health workers have warned that people are under the risk of waterborne diseases during monsoon. “With flooding and water logging, there are chances of a surge in waterborne diseases,” said Anup Bastola, consu Read More...