Kathmandu. United States Ambassador to Nepal Dean R. Thomson had a courtesy meeting with the Minister of Industry, Commerce and Supply, Damodar Bhandari, today.
In the meeting at the Ministry of Industry, Minister Bhandari mentioned that the two countries share a common vision on issues such as democracy, human rights, and universal equality, and said that the United States is the first country to provide foreign aid to Nepal.
He said, ‘I express my high appreciation to the American government for its support in Nepal’s economic-social development and strengthening democratic institutions. ‘
Mentioning that the US is the second largest destination country for Nepalese goods exports, Minister Bhandari said that the US is an important country from the point of view of tourists. He said, “The Trade and Investment Framework Agreement (TIFA) was concluded between Nepal and the United States of America in 2011 and this ministry has been leading the meeting of the TIFA Council under the said agreement on behalf of the Government of Nepal.”
The sixth meeting of the council was held in Kathmandu on May 19, 2023. According to him, various issues of bilateral trade and investment promotion were discussed in the meeting. He said, “I expect that the seventh meeting of the TIFA Council will be held in America in the near future.”
In order to support Nepal’s economic recovery after the earthquake, Minister Bhandari mentioned that the American government has provided 77 different items of Nepal with the facility of entry into the American market at zero customs duty until the end of 2025 through the Nepal Trade Priority Program. I want to do it.’
Stating that the trade and competition program is currently being implemented with the support of USID and cooperation with Nepal’s private sector, financial sector and relevant ministries, he expressed the belief that through this program, the commercial capacity of small, small and medium entrepreneurs of Nepal will be developed and export of Nepalese goods to the American and European markets will be supported.
Considering Nepal’s landlocked location, narrow productive area and low production capacity and productivity, Minister Bhandari requested the American government through Ambassador Thomson to continue the Nepal Trade Priority Program.
Referring to direct foreign investment from America in Nepal in the fields of information, communication and technology, energy, agriculture, he said, ‘An investment conference was held in Nepal last April with the enthusiastic participation of investors from more than 50 countries. On the eve of the conference, the Nepal government amended seven different laws. It has tried to make the investment environment more comfortable.’
In addition, Minister Bhandari said that there has been a significant improvement in the procedural simplification related to investment and business in recent years and expressed his belief that more American investment in Nepal would increase. He expected the US government to increase investment in hydropower and other green energy, information and technology, tourism, manufacturing and other sectors.
During this, Ambassador Thomson said that cooperation in various fields including education, health, transportation, communication, agriculture and environment will continue. Stating that the USAID program, which was said to be stopped in the past, will continue, he said that the meeting of the Trade and Investment Framework Agreement (TIFA) concluded in 2011 between Nepal and the US will be held in Nepal on September 16 and 17.
He also assured that through the Nepal Trade Priority Program, 77 different goods of Nepal will be allowed to enter the US market until the end of 2025, and if there is a deadline of zero customs duty, he will take initiatives to increase it.