US President Obama proclaims to implement Nepal Trade PreferencePosted 2 years ago by Sandeep Bhattarai
US President Barack Obama, on December 15, proclaimed to implement Nepal Trade Preference Programme which is incorporated in Trade Facilitation and Trade Preference Act (TFTEA) of 2015.
The enforcement of the TFTEA officially provides duty-free treatment for 66 types of imports including carpets, shawls, travel blankets and bags from Nepal to the US. This facility is expected to contribute to increase Nepali experts to the US market. It shall remain in effect for the next ten years (until December 2025), the Ministry of Foreign Affairs said.
President Obama has signed on the TFTEA Act on February 24, 2015 following its approval by the US Congress and the Senate. The signing on the proclamation to implement the Nepal Preference Programme by the US President on December 15 follows the public hearing conducted in participation of Nepali government officials and private sector business community in the Washington DC in last June.