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US interested in signing trade pact with Nepal
12
Oct '09
The United States is showing interest in signing a bilateral trade and investment agreement with Nepal.

It had sent a draft proposal on a probable agreement to the country last month, in order to boost trade and investment between the two countries, informed Mr. Chiranjivi Nepal, Adviser to Foreign Minister Sujata Koirala.

The South Asian Country is studying the draft proposal and its contents. This trade pact, if signed, would prove to be helpful to augment garment exports from the country to the US, believe officials of Nepal.

Ms. Koirala had lobbied with Senators for duty-free access to Nepali readymade garments during her recent visit to US, which is a second biggest investor in Nepal after India.

As per the statistics from Nepal Garments Association, over the past few years Nepali garments are witnessing a plunge of 80 percent in exports to the US.

Currently, there are about 1,570 foreign investment projects operating in the country, worth around US $2.13 billion.

Fibre2fashion News Desk - India

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