KATHMANDU, July 30: US Ambassador to Nepal, Dean R Thompson, paid a courtesy call on Minister for Industry, Commerce and Supplies, Damodar Bhandari, at the Ministry in Singha Durbar today.
On the occasion, Minister Bhandari said that Nepal and the USA have common views on topics like democracy, human rights, sovereign equality, stating the US was the first country providing foreign assistance to Nepal.
"I express high appreciation to the American government for extending cooperation for the economic-social development and strengthening the democratic institutions of Nepal. The development cooperation received from the United States of America has made an important contribution to various sectors including education, health, transport, communication, agriculture and environment, among others," he said.
Noting that the US is the second biggest destination country for export of Nepali goods, the Industry Minister said it was an important country also in terms of the number of tourists visiting the country.
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"Nepal and the USA entered into the Trade and Investment Framework Agreement (TIFA) in 2011 and this Ministry has been leading the country in the meetings of the TIFA Council under this agreement, representing the Government of Nepal," he added.
The Sixth Meeting of the Council was held in Kathmandu on May 19, 2023. As the Minister stated, the meeting discussed various topics of bilateral trade and investment promotion. The minister said that the Seventh Meeting of the TIFA Council will take place in the USA in the near future.
Referring to the facility provided by the US government for customs-free entry in the US market to 77 types of goods manufactured in Nepal until the end of 2025 through Nepal Trade Priority Program for supporting Nepal in its post-earthquake economic revival, Minister Bhandari said, "I highly commend this facility that the American government provided to Nepal during the time of distress."
Stating that trade and competitive programs are now in implementation with the support of the USAID and collaboration of Nepal's private sector, financial sector and concerned ministries, he expressed the belief that such programs would help in professional capacity building of micro, small and middle-scale entrepreneurs as well as to export Nepali products in the USA and European market.
Minister Bhandari mentioned that Nepal has received direct foreign investment from the US in different sectors including communication and information technology, energy and agriculture, adding that the government made attempts to create a more investment-friendly environment amending seven different laws on the eve of the recently-held investment summit.
The minister expected more investment in hydropower, energy, tourism, and information technology from the US government.
Similarly, the US ambassador said the collaboration between the US and Nepal would be continued in different sectors including health, education, transport, communication, agriculture and environment.
Explaining that the programs of the USAID that were said to be discontinued in the past would be continued, he mentioned that the Trade and Investment Framework Agreement between the Government of Nepal and the Government of the United States of America was entered into force in 2011 and the next TIFA Council meeting would be held in Nepal on coming September 16 and 17.
He also assured of making efforts to expand the deadline as the deadline of the facility exporting 77 different products of Nepal to the US market expires after 2024.
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