At a time when Nepal's trade with the U.S. has been going down steadily, the U.S. has proposed to sign a bilateral trade and investment agreement with Nepal to boost trade and investment to a new height. The U.S. had forwarded the proposal some one month ago which is being discussed by the ministries and the private sector. Chiranjivi Nepal, advisor to Deputy Prime Minister and Foreign Minister Sujata Koirala, told the Post that the government had received the draft of the agreement and that discussions were underway to incorporate the concerns of the Commerce Ministry and the private sector.
The proposal, which contains seven articles, is focused on mutual trade benefit, addressing the issue of the environment, respect for labour laws, expansion of trade by mutual understanding and exchange of information and cutting trade barriers between the two countries. "Foreign Minister Koirala and the entire ministry are very positive about the U.S. offer. The Commerce Ministry has made some recommendations regarding capacity building and technical support to Nepal. If the U.S. agrees, there is no problem in signing the agreement," Nepal said.
Nepal's bilateral trade in the recent past with the U.S. has plunged 80 percent after a heavy duty was imposed on Nepali readymade garments. During a recent visit to the U.S., Foreign Minister Koirala had met with the Chief of Economic Affairs of the U.S. Senate and three Congressmen and Senators and lobbied to regain duty-free access for Nepali readymade garments in the U.S. The discussion with the U.S. Congressmen was very positive and cordial, and we returned with big expectations, he said. "The agreement will help us to regain our lost readymade garment market in the U.S. Also, it will provide easy access to readymade garments. No doubt, it would be a great relief to Nepali entrepreneurs who lost their market and capital," Nepal said.
Source:Kantipur
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