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Nepal-US deal to favour garment exports
02
Apr '11
Nepal is all set to sign the Trade and Investment Framework Agreement (TIFA) with the United States in a months time. This pact is anticpated to provide favourable entry to goods exported to the US from Nepal.

Though the framework of the deal had been finalised early last year, there was a delay in signing the agreement for various reasons.

Speaking to fibre2fashion, Mr Purushottam Ojha, Secretary - Ministry of Commerce and Supplies (MoCS) said, “It is still in the process and I am unable to forecast the exact time, however, we are hopeful that the pact may be finalised within a month”.

Informing about the pact, he said, “The Trade and Investment Framework Agreement (TIFA) is about creating a bilateral mechanism for issues like trade, investment, intellectual property rights and several other issues.

“These are the areas where bilateral mechanism is established and dealt on, to increase cooperation. TIFA aims at creating a joint mechanism in the form of a trade and commerce council and promote investment and trade relations in the process”.

He observed, “Of course, I expect the deal to immensely benefit textile and garment exports to US, which have severely declined in the last few years, since the phase out of the multi-fibre agreement”.

“So in that context, if some direct concessions are available from the US government, then there are chances of reviving the sick and ailing industry in Nepal”, he optimistically said.

Fibre2fashion News Desk - India

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