(Fibre2fashion): The Nepal’s Ministry of Commerce and Supplies has been urged by Garment Association Nepal (GAN) to float a proposal for a Free Trade Agreement (FTA) with the US, so as to boost exports of readymade garments and Pashmina to that market.
GAN urged the Ministry to table the proposal for FTA at the forthcoming Trade and Investment Framework Agreement (TIFA) council meeting in Kathmandu.
During the Readymade Garment Management Committee meeting, GAN also called upon the Commerce Ministry to make active efforts for early passage of the Special Economic Zone (SEZ) Bill that is pending before the country’s Parliament for the last three years.
As stated by the association, the bill is of much importance for enhancing exports, including garment exports, as the SEZ would also house a Garment Processing Zone.
The association said there is some confusion with respect to the 10 percent countervailing duty (CVD) imposition by India on imports of Nepali readymade garments and asked the Commerce Ministry to clarify the same.
According to GAN, CVD has reduced the competitiveness of Nepali garments in India, resulting in a drop in exports. It stated that even the concerned Customs Department heads do not have clarity in this regard, and hence, it would decide its future course of action, only after getting a clear idea of the situation.
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