A delegation of Nepal-USA Chamber of Commerce and Industry (NUSACCI) paid a courtesy call on Prime Minister Sher Bahadur Deuba at his residence Baluwatar recently.
Led by President Kiran P. Saakha, delegation briefed PM Duba about NUSACCI activities as well as various issues related to Nepal-USA trade and investment.
According to a press release issued by the NUSACCI, Saakha extended sincere thanks and gratitude to Prime Minister for Giving his valuable time to meet the NUSACCI delegation.
Saakha briefed that NUSACCI as a bilateral chamber over 28 years of existence and the role played by NUSACCI for strengthening bilateral ties between two countries in the areas of trade and investment and its stance on early ratification of MCC by parliament.
He said that the USA is one of the major trading partners of Nepal adding that Nepal’s trade balance with the USA was in a deficit situation since the last two years.
In the FY 2021/22, in terms of export and import in trade in goods, USA position is second and fifth respectively. The major share of Nepal export to USA comprises carpet followed by felt and cat and dog food. The delegation urged that there is an urgent need for the promotion of carpet, readymade garments and pashmina. “In the past, these were major items exported to the USA and regarded as a major source of foreign currency,” said Saakha.
Saakha emphasized that NUSACCI is always ready to collaborate with Nepal government for promotional activities for boosting export to the USA. Another major issue discussed is the Trade and Investment Framework Agreement (TIFA) with the USA done in 2011 under which there is a provision of technical assistance and the private sector is not getting the benefit as envisaged in the agreement.
Nepal is enjoying duty free entry of Nepali goods to the USA in 77 items. In fact, 5 items categorically cover 77 different HS code items. Few major exportable items fall under this facility like carpet and pashmina. It is a great opportunity for Nepal to export these products in a significant way. Other topics discussed in courtesy visit are importance of compensation law, Intellectual Property Right (IPR), attracting American investment in the Hydropower Sector, export promotional activities in collaboration with GON for boosting export to USA.
General Secretary Prof. Dr. Gandhi Pandit informed that hydropower is one of potential areas for American investment. The legal regime and enabling environment plays a crucial role for attracting American investment in Nepal.
The other delegates included in the courtesy call are Prof Dr. Gandhi Pandit, General Secretary, board members, Brindaban Man Pradhanang, Rajani Rana and Sunil Rajbhandari.