Kathmandu, Sept. 9
Trade and policy stakeholders have stressed on making
timely moves to retain the trade preference provided by the United States of
America (USA) after the major earthquake hit Nepal in 2015.
The USA had provided zero-tariff facility to various
77 Nepali products under Nepal Trade Preference Programme in 2016 with a
decade-long timeframe.
Speaking at a dialogue on 'US-Nepal Trade and
Investment: Prospects and Challenges' organized in the Capital on Monday, they
said that Nepal should make preparations for the upcoming meeting of Trade and
Investment Framework Agreement (TIFA) to retain the facility even after Nepal
graduates to a 'developing' nation from the Least Developed Country (LDC).
The dialogue was jointly organised by the Federation
of Nepalese Chambers of Commerce and Industries (FNCCI), Garment Association of
Nepal (GAN), Federation of Export Entrepreneurs of Nepal (FEEN), Nepal-USA
Chamber of Commerce and Industry (NUACCI), and USAID.
Ganesh Parajuli, a lawmaker and entrepreneur, said
that there have been positive developments in terms of obtaining preferential
treatment for Nepali products in the USA.
Secretary at the Ministry of Industry, Commerce and
Supplies, Krishna Bahadur Raut, said that the USA has been extending various
trade and business facilities to Nepal considering its LDC status.
"Maintaining US preference to Nepali products is
an important issue on the pretext that the country's trade imbalance has been
ever growing which also has severe repercussions on foreign currency
reserves," he said.
According to Raut, the government and Industry
Ministry are serious about the demands and concerns of the entrepreneurs and
exporters and would put their efforts to address them.
President of the FNCCI, Chandra Prasad Dhakal, stressed
on timely advocacy of Nepali products' duty-free and seamless entry to the US
markets and use of upcoming TIFA meeting to raise the concerns of entrepreneurs
and the country.
"The USA is the second key trade partner of
Nepal. The NTPP has provided duty-free entry of 77 Nepali products to the USA
but we have not been able to export the goods to the desired quantity. So we
need to lobby to include the products having high potential on the list,"
he said.
According to him, Nepal has largely failed to reap
benefits from the NTPP.
Pashupati Dev Pandey, President of GAN, said that the
stakeholders' dialogue was organized to solicit suggestions and critical views
from the business community and policy makers.
Trade preference is our issue, it has a direct impact
on business, employment and foreign currency earning, he said.
Executive Director of the Trade and Export Promotion
Centre, Sharad Bikram Rana, said the issues raised by the producers and traders
would be covered in the bilateral discussion during TIFA meeting.
Published in The Rising Nepal daily on 10 September 2024.
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