Nepal Free Trade Agreements Us

April 11, 2021

In February 2004, Nepal became a member of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). The other members are Bangladesh, Bhutan, India, Myanmar, Sri Lanka and Thailand. BIMSTEC aims to create a wider free trade area through deeper and more comprehensive sector coverage of services and an open and competitive investment system. The regional group is a bridge between South and Southeast Asia and is a strengthening of relations between these countries. BIMSTEC has also set up a platform for intra-regional cooperation between SAARC and ASEAN members. Nepal and the United States discussed the importance of fully exploiting preferential trade benefits for certain Nepalese products available until December 31, 2025, following the Trade Facilitation and Trade Enforcement Act of 2015. Both sides are committed to fully implementing the law. The United States noted Nepal`s request to consider the inclusion of additional products under the trade preferences program, to encourage investment in Nepal and to strengthen trade capacity for stronger economic growth. Switzerland (which has a customs union with Liechtenstein, which is sometimes contained in agreements) has concluded bilateral agreements with the following countries and blocs:[41] For fully multilateral agreements (not included below) see: List of multilateral free trade agreements. Nepal has signed bilateral trade agreements and agreements with seventeen countries, including the United States, the United Kingdom, Yugoslavia, India, Russia, South Korea, North Korea, Egypt, Bangladesh, Sri Lanka, Bulgaria, China, the Czech Republic, Pakistan, Romania, Mongolia and Poland. The contract signed by Nepal with India in 1996 and amended in 2009 is its main volume of trade. With the exception of certain quantities subject to quantitative restrictions, the trade agreement places Nepal in a one-way duty-free trading system with India, which accounted for more than 60% of Nepal`s total trade in GJ 2016/2017.

EFTA [17] has bilateral agreements with the following countries – including dependent territories – and the following blocs: Afghanistan has bilateral agreements with the following countries and blocs:[1] This is a list of free trade agreements between two parties in which each party could be a country (or another customs territory), a trade bloc or an informal group of countries. Nepal has ratified the South Asian Association for Regional Cooperation (SAARC) agreement on a free trade area in South Asia (SAFTA). Under SAFTA, ASAC`s eight countries (Nepal, Bhutan, India, Bangladesh, Pakistan, Sri Lanka, Maldives and Afghanistan) have committed to reducing product-specific tariffs and more than 5,000 items are eligible for preferential tariff treatment in participating countries.