The Nepal-US Trade and Investment Framework Agreement’s (TIFA) 5th meeting of the council is listed to be conducted on December 12 in Kathmandu. The meeting will take ahead the results of bilateral trade that have remained beneath discussion.
Nepal approved the TIFA by the world’s largest economy on April 16, 2011. Following the plan, the two nations had accepted to hold the TIFA committee gathering every year. Last time, the conference was conducted in the US on November 13, 2018.
The American team had shown its concern to lead the 5th TIFA conference by June this year. But it could not be held following it declined to return to the Nepali party, showing disappointment over Foreign Investment and Technology Transfer Act that Nepal set before Nepal Investment Summit 2019, as per officials of the Ministry of Industry, Commerce and Supplies.
“The US side had expressed disagreement on the government move for not considering their involvement while drafting the act,” stated a ministry source.
“With the reason, they did not even reply to several letters forwarded by the ministry to fix the date for the TIFA meeting.”
In almost every TIFA connection, Nepal has been striving to update the records of goods below the duty-free path that the US has been contributing to Nepal. In its Trade Preferences Act (TPA) in 2015, the US has been giving a duty-free way to 77 Nepali goods that have great potential in the world’s biggest economy.
One of the goods that Nepal has been asking duty-free path with the US is readymade garments. The US managed to be the biggest buyer of Nepali readymade garments till 2000. Purchases to the US began starting from $171.39 million in 2003 following the US government ceased giving duty-free, quota-free market admittance to Nepali products.
Summoning the demand of Nepal, US executives while the fourth TIFA conference had confirmed Nepal that Nepali readymade garments will be counted for the list. They had also shown their concern to give technical support to Nepal to raise the production of the goods below TPA lists.
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