Kathmandu, Feb.26 (ANI): The manufacturers of Nepali apparels finally have a reason to rejoice after the long years of slump in sales, as United States President Barack Obama signed the ‘Trade Facilitation and Trade Enforcement Bill’ into law on Thursday.
This move has paved the way for certain Nepali exporters, including manufacturers of apparels, to enjoy duty-free market access in the United States, reports The Himalayan Times.
Duty-free benefits will be granted to up to 66 different items, including certain carpets, headgears, shawls, scarves, leather products and travel goods.
The legislation authorises the U.S. government to extend special trade preferences to Nepal.
US International Trade Commission (ITC) will visit Nepal by mid-March to review the status of infrastructure and capacity of the country to utilise preferences extended by the world’s largest economy.
ITC is an independent agency of the US that provides trade expertise to both the legislative and executive branches.
This is a tremendous opportunity for Nepali businesses to expand their exports to the US markets, quotes Ambassador Alaina B Teplitz at US embassy in Kathmandu.(ANI)