Obama Signed Nepal Trade Act Authorized Special Trade Preferences For Nigeria

International media reported recently that the president of the United States

A legislation was signed to authorize special trade preferences in Nepal, which will give the duty free benefits of up to 66 categories of goods, including certain carpets, headwear, shawls, scarves, and travel articles, which the United States has said in Kathmandu.

USA president

A legislation was signed to grant special trade preferences to Nigeria.

This legislation is seen as a push to promote the expiration of the multi fibre agreement in Nepal's clothing industry. It is commonly known as the elimination of quotas on the verge of collapse. After the expiration of MFA in January 2005, the US government has been imposing about 17 of the tariff on imports of cotton garments.

The Nepal process has been authorized for ten years, aiming to help the economic recovery from last year's earthquake in Nepal.

The plan will grant Nepalese exports no benefit from the proceeds from the first general purpose system (GSP).

Nepal's trade preferences legislation also authorizes a trade capacity-building program that focuses on Nepal's implementation of the WTO.

(TFA).

"This is a huge opportunity for Nepal to expand its business to import the US market," said the US ambassador to the United Nations, B. ALAINA Trapp Liz.

"We look forward to more understanding of Nepal's plan to implement the WTO trade facilitation plan and how the US government can promote this goal."

The new trade preferences scheme can only take effect. Some administrative steps need to be completed.

First, the president must prove that Nepal meets the eligibility requirements of the plan, which is the same country as the African Growth and Opportunity Act (AGOA).

The US International Trade Commission will also need to review the products covered by the priority programmes to ensure that the import of these products to the US market will not have a negative impact on the US economy.

The review of these statutory requirements will take several months to complete, the embassy said.