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Country initiates bilateral trade pact with US
03
Dec '09
Mr. Rajendra Mahato, Minister for Commerce and Supplies met U.S. trade representative Mr. Ron Kirk to request him for a bilateral trade treaty between Nepal and US. Mr. Mahato is leading the Nepali delegation to the ministerial meeting of the World Trade Organization in Geneva.

The country presented the draft of proposed trade treaty once again to the US, after making some changes in it as both the countries have already exchanged the draft of the pact, informed Mr. Mahato, who is expecting to finalize the treaty by his next visit to US in the month of February.

The agreement pertains to the duty-free export of Nepali readymade garments to the US, as garment exports of Nepal to the US plunged down by more than 90 percent over the past 10 years. These exports were affected more adversely, after the quota system was scrapped in 2005.

During this period, more than 100 RMG factories witnessed closure, leaving around 95,000 workers without jobs. Since then, the country has been seeking duty-free access for its apparel products.

Fibre2fashion News Desk - India


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