KATHMANDU, JUN 04 - 2012
The government of Nepal has requested the US government to bring forward the second joint council meeting of the Trade and Investment Framework Agreement (TIFA) to July.
The meeting was scheduled to be held in September, and Nepal has asked for an earlier date as many trade related issues needed to be settled immediately.
“Though the meeting is supposed to be held annually, we have missed the deadline,” said an official of the Ministry of Commerce and Supplies (MoCS). He added that the delay would affect Nepal’s trade with the US as measures to simplify trade between the two countries were expected to be discussed during the second TIFA meeting.
MoCS officials said that holding the meeting at the earliest was critical as a trade strategy needs to be developed to promote trade and investment between the two countries. “Without a specific trade strategy, Nepal and the US will not know the scope and limitations of the TIFA joint council itself,” said Naindra Prasad Upadhyay, joint secretary at the MoCS.
Nepal has asked for preferential treatment for 11 products, including pashmina and readymade garments, in the US. The US government has not responded to the request. Ministry officials have put much significance on the second TIFA meeting as the meeting will discuss the Generalised System of Preference facility for Nepali products. They said that the government wants to finalize on issues like market access for Nepali pashmina and readymade garments, promotion of investment between the two countries and US investment in Nepal during Nepal Investment Year 2012-13.
The first meeting of the TIFA Council was held on April 17, 2011 in Washington, the same day TIFA was signed. The US is Nepal’s second largest export market. It is one of the few trading partners with which Nepal has a trade surplus. In the last fiscal year, Nepal exported goods worth Rs 4.39 billion to the US. Nepal has been exporting products such as readymade garments, handicraft items, herbs, pashmina and woollen carpets to the US.
The government and the private sector are preparing to review the understanding with the US to identify areas of cooperation during the second joint council meeting of TIFA. The ministry has also organised a public-private dialogue to identify opportunities and issues in tourism, energy, manufacturing, agriculture and forestry.
According to the ministry, the report of the public-private dialogue will be helpful to prepare the major agenda for the second joint council meeting. The ministry is planning to organise an interaction or an internal meeting to prepare the final agenda for the second meeting.
“We will send the agenda after we hear from the US about our proposal to hold the meeting in July,” said Upadhyay.
Source: The Kathmandu Post
The government of Nepal has requested the US government to bring forward the second joint council meeting of the Trade and Investment Framework Agreement (TIFA) to July.
The meeting was scheduled to be held in September, and Nepal has asked for an earlier date as many trade related issues needed to be settled immediately.
“Though the meeting is supposed to be held annually, we have missed the deadline,” said an official of the Ministry of Commerce and Supplies (MoCS). He added that the delay would affect Nepal’s trade with the US as measures to simplify trade between the two countries were expected to be discussed during the second TIFA meeting.
MoCS officials said that holding the meeting at the earliest was critical as a trade strategy needs to be developed to promote trade and investment between the two countries. “Without a specific trade strategy, Nepal and the US will not know the scope and limitations of the TIFA joint council itself,” said Naindra Prasad Upadhyay, joint secretary at the MoCS.
Nepal has asked for preferential treatment for 11 products, including pashmina and readymade garments, in the US. The US government has not responded to the request. Ministry officials have put much significance on the second TIFA meeting as the meeting will discuss the Generalised System of Preference facility for Nepali products. They said that the government wants to finalize on issues like market access for Nepali pashmina and readymade garments, promotion of investment between the two countries and US investment in Nepal during Nepal Investment Year 2012-13.
The first meeting of the TIFA Council was held on April 17, 2011 in Washington, the same day TIFA was signed. The US is Nepal’s second largest export market. It is one of the few trading partners with which Nepal has a trade surplus. In the last fiscal year, Nepal exported goods worth Rs 4.39 billion to the US. Nepal has been exporting products such as readymade garments, handicraft items, herbs, pashmina and woollen carpets to the US.
The government and the private sector are preparing to review the understanding with the US to identify areas of cooperation during the second joint council meeting of TIFA. The ministry has also organised a public-private dialogue to identify opportunities and issues in tourism, energy, manufacturing, agriculture and forestry.
According to the ministry, the report of the public-private dialogue will be helpful to prepare the major agenda for the second joint council meeting. The ministry is planning to organise an interaction or an internal meeting to prepare the final agenda for the second meeting.
“We will send the agenda after we hear from the US about our proposal to hold the meeting in July,” said Upadhyay.
Source: The Kathmandu Post
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