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President Obama Signs Proclamation to Implement Nepal Preference Program - nepalforeignaffairs nepalforeignaffairs

President Obama Signs Proclamation to Implement Nepal Preference Program

unnamedWashington –  On December 15, U.S. President Barack Obama signed a proclamation to implement the Trade Facilitation and Trade Enforcement Act of 2015 (“TFTEA”), which creates a trade preference program for Nepal.  The TFTEA officially provides duty-free treatment for dozens of types of imports from Nepal that meet specific eligibility criteria, including certain types of carpets, headgear, shawls, scarves, and travel goods.

The Nepal Preference Program is authorized for ten years and designed to help Nepal’s economic recovery from the earthquakes that struck the country in 2015.  The program grants duty-free tariff benefits for certain Nepali exports not currently eligible for duty-free access to the United States’ market.  It also authorizes a trade capacity building program, focused on helping Nepal implement the World Trade Organization’s Trade Facilitation Agreement.

“The legislation provides a unique opportuntity for Nepali businesses to expand their exports to U.S. markets,”  said U.S. Ambassador Alaina B. Teplitz.  “These trade preferences will provide some support, but ultimately Nepal’s broader economic development will be achieved through policy reform that incentivizes investment, an improved business environment and labor reform that supports all sectors.”

About us is the first digital paper on foreign Affairs in Nepal. With an advancement of technology and digital journalism, we decided to come up with this paper in January 2015. Our aim is to disseminate information, news, articles to the people on different dimensions of foreign affairs.
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