The United States-Nepal Trade and Investment Framework Agreement (TIFA) Council held its third meeting in Kathmandu on Thursday.
The meeting, co-chaired by Commerce Secretary Naindra Prasad Upadhaya and Assistant U.S. Trade Representative Mark Linscott, discussed ways to promote bilateral trade and investment in goods and services.
The United States welcomed Nepal’s effort to foster innovation through the National Intellectual Property Rights Policy and provided information to support Nepal’s efforts to develop laws that will result in greater IPR protection.
The TIFA between Nepal and the US had entered into force on 15 April 2011. Its objectives include the expansion of trade, investment and technical cooperation, and strengthening economic relations between the two countries.
Following the 2015 earthquake, the Trade Facilitation and Trade Enforcement Act of 2015 established a new country-specific preference program to grant duty-free treatment to Nepal for products covered by 77 Harmonized Tariff Schedule lines (including handicrafts, shawls, travel goods).
Nepal and the United States had $129 million in total (two-way) goods trade during 2016.
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