Kathmandu. Kathmandu: A discussion was held at the Ministry of Industry, Commerce and Supplies on ‘Current Status of Trade and Investment between Nepal and the United States and Future Course of Action’.

Representatives of various ministries, chairpersons and office-bearers of private sector umbrella organisations and commodity organisations attended the inter-agency coordination committee meeting chaired by Minister Damodar Bhandari on Sunday.

The meeting discussed the continuation of Nepal Trade Preference Programme (NTPP), the addition of 31 items to the NTPP, the benefits and risks to Nepal from the new US customs policy, and the initiative to waive the additional 10 percent customs duty.

The representatives of the private sector who participated in the discussion urged the government to take initiative to waive the additional customs duty imposed on Nepal. Minister Bhandari shared that initiatives were being taken in this regard and necessary coordination was underway to add 31 new items to the Nepal Trade Performance Programme (NTPP).

At present, the US is nepal’s second largest export destination, but the trade deficit with the US continues. According to the Ministry, Nepal-US trade reached around Rs 44 billion in the last fiscal year alone. Carpets, pashmina, tea, chhurpi, coffee and IT services are some of the major items going to the US from Nepal. However, the facilities available under NTPP have not been utilised as expected.

Nepal and the UNITED States have been holding bilateral meetings under the Trade and Investment Framework Agreement (TITA) signed in 2011. According to the Ministry of Industry, Commerce and Supplies, nepal has requested diplomatic channels for continuation of ntpp program, inclusion of 31 additional items, and 10 percent customs revenue exemption added on Nepal.