President Obama Signs Proclamation to Implement Nepal Preference Program

President Obama Signs Proclamation to Implement Nepal Preference Program

Dec. 17, 2016, 5:45 p.m. Published in Magazine Issue: Vol.10, No.9, December. 16, 2016 (Poush 01,2073)

U.S. President Barack Obama signed a proclamation to implement the Trade Facilitation and Trade Enforcement Act of 2015 (“TFTEA”), which creates a trade preference program for Nepal.  The TFTEA officially provides duty-free treatment for dozens of types of imports from Nepal that meet specific eligibility criteria, including certain types of carpets, headgear, shawls, scarves, and travel goods.

The Nepal Preference Program is authorized for ten years and designed to help Nepal’s economic recovery from the earthquakes that struck the country in 2015.  The program grants duty-free tariff benefits for certain Nepali exports not currently eligible for duty-free access to the United States’ market.  It also authorizes a trade capacity building program, focused on helping Nepal implement the World Trade Organization’s Trade Facilitation Agreement.

“The legislation provides a unique opportunity for Nepali businesses to expand their exports to U.S. markets,”  said U.S. Ambassador Alaina B. Teplitz.  “These trade preferences will provide some support, but ultimately Nepal’s broader economic development will be achieved through policy reform that incentivizes investment, an improved business environment and labor reform that supports all sectors.”

 

 

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