TIFA to provide lifeline to garments exports

24 Aug '11

1 min read

Trade and Investment Framework Agreement (TIFA), the new trade agreement between Nepal and the US, will provide lifeline to Nepali readymade garment exports, which fell 81 percent last fiscal.

The new trade treaty between the two nations was signed on April 15 this year and it replaced the six decades old bilateral trade and economic pact.

TIFA provides a forum for bilateral talks to promote trade and investment, deliberate on specific trade-related aspects, and pave way for signing of more inclusive trade deals between the two nations.

Subsequently, Nepal's Ministry of Commerce invited suggestions from private sector and others to be incorporated in the TIFA discussions.

The Ministry is now finalizing its agenda for the second joint council meeting under TIFA that is likely to be held in November this year in Kathmandu. Both sides are also expected to review and deliberate on issues raised during the first meeting under TIFA in Washington.

Editor's note-A positive outcome in the form of a comprehensive trade deal will immensely boost the ailing Nepali readymade garment export sector.

Fibre2fashion News Desk - India

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