Kathmandu, Sept 21: The seventh Trade and Investment Framework Agreement (TIFA) Council Meeting concluded in Kathmandu, Nepal on September 16, 2024. Co-organised by the United States and Nepal and co-chaired by Brendan Lynch, Assistant United States Trade Representative for South and Central Asia, and Gobinda Bahadur Karkee, Secretary of the Ministry of Industry, Commerce and Supplies of Nepal, the meeting brought together officials from other relevant agencies from both the governments.
The delegations exchanged views on a range of bilateral trade and investment-related matters with a desire to deepen economic relations and diversify trade and investment flows, focusing on policies related to agriculture, labor rights, digital economy, trade in services, technical barriers to trade, intellectual property (IP) protection and enforcement, and information sharing, among others.
In the meeting, both sides discussed the importance of a smooth and sustainable graduation of Nepal from LDC status including enhancing export competitiveness and capacity building. The Parties also discussed how to improve utilization of the Nepal Trade Preference Program (NTPP) in order to maximize its positive impact.
Nepal expressed its interest in preferential market access and support of the United States to improve the investment climate and promote foreign investment while the United States took note of Nepal’s interest in extending and expanding the NTPP beyond 2025.
Nepal provided an update on its progress on policy, legal and procedural reforms intended to improve the investment climate, emphasising its interest in attracting additional foreign investment from the United States, according to a statement issued by the Office of the United States Trade Representative.
The United States welcomed the reform initiatives and interest shared by Nepal, and emphasized that transparent regulatory practices and policy stability are necessary for enhancing sustainable trade and investment.
The United States welcomed Nepal’s confirmation of no restriction on imports of US pork and poultry. Nepal assured that it will officially communicate to the United States of its acceptance of Food Safety and Inspection Service Certificate (FSIS Form 9060-5) to import US pork and poultry in the coming months.
Similarly, Nepal expressed its interest in promoting trade in the IT-related services industry and highlighted the role of the digital economy in inclusive economic development and innovation.
The United States stressed the importance of allowing global reinsurers to participate in the Nepali markets to share best practices and ensure sufficient geographical diversification of risk. Both countries also noted the importance of effective IP protection and enforcement with respect to attracting trade and investment in IP-intensive industries.
The United States appreciated the initiatives in legal and institutional reforms related to IP in Nepal and encouraged Nepal to improve trademark administration and examination by developing technical expertise to improve consistency and reliability within the Nepali IP Office.
The United States welcomed Nepal’s efforts to implement legal and policy reforms to protect and enforce workers’ rights, and expressed its commitment to support Nepal to advance labor rights.
The United States and Nepal committed to intensify engagement under the TIFA with a view to further strengthening bilateral relations in trade and investment sectors. Both sides agreed to hold the eight TIFA Council Meeting in Washington, D.C. in 2025.
