America’s trade preference program for Nepal explained
Senior government officials and private sector experts explained how Nepali handicraft producers, exporters and businesses can take advantage of new preferential trade benefits provided to certain Nepali products by the United States.
Organized by the U.S. Embassy with participation by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Ministry of Commerce, MaxTradeUSA brought together a wide variety of economic actors to learn more about the new duty-free program, what products qualify for it, and how to use this program to boost business in Nepal, according to a press statement issued by the US Embassy in Nepal.
A panel discussion featuring Nepali producers who export qualifying products to the United States demonstrated the possibilities and opportunities for economic benefit. The event also showcased examples of products that now qualify for duty-free entry to the U.S. market under the legislation.
Minister for Commerce Romi Gauchan Thakali and U.S. Ambassador to Nepal Alaina Teplitz spoke at the event, highlighting the strength of the U.S.-Nepal economic partnership.
“The economic pillar of our bilateral relationship is strong and getting stronger,” said Ambassador Teplitz. “The trade preferences program for Nepal is a way to forge deeper economic connections between our two countries.”
The U.S. Trade Facilitation and Trade Enforcement Act of 2015 went into effect on December 15, 2016. This Nepal-specific program is authorized until 2025 and helps Nepal's economic recovery from the 2015 earthquakes. The program grants new duty-free tariff benefits for Nepali exports not currently eligible for other market access benefit programs, including certain types of carpets, bags, headgear, shawls, scarves, leather and travel goods. The program reflects yet another way that the United States is committed to expanding business linkages with Nepal.
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