The Embassy of the United States in Kathmandu on Thursday (February 25, 2016) released a statement saying U.S. President Barack Obama signed Nepal Trade Preferences Bill on Wednesday (February 24, 2016).
The statement read, “U.S. President Barack Obama signed legislation authorizing special trade preferences for Nepal which will grant duty-free tariff benefits for up to 66 types of items, including certain carpets, headgear, shawls, scarves, and travel goods.”
Further explaining the bill, It further states that the 10-year program is designed to help Nepal’s economic recovery from the earthquakes that struck the country last year. The program will grant duty-free tariff benefits for Nepali exports not currently eligible for benefits under the General System of Preferences (GSP). The Nepal Trade Preferences Legislation also authorizes a trade capacity building program, focused on helping Nepal implement the World Trade Organization’s Trade Facilitation Agreement (TFA).
“This is a tremendous opportunity for Nepali business to expand their imports to U.S. markets,” said U.S. Ambassador Alaina B. Teplitz. “We look forward to learning more about Nepal’s plans for implementing the WTO Trade Facilitation Program and how the United States Government can contribute to this goal.”