Nepal has once again received an opportunity to ramp up exports of readymade garments, pashmina and leather products, as the US Senate has endorsed a Bill that paves the way for duty-free quota-free (DFQF) entry of these goods into the world’s largest economy. The latest Bill, which will now require the US President’s seal to transform it into an Act, is expected to give a new lease of life to the readymade garment industry, which is on the verge of collapse since the expiry of Multi Fibre Agreement (MFA) in January 2005. Once the new Bill comes into force, Nepali products, such as readymade garments, pashmina and leather products, will get zero-tariff access into the US market. Currently, the US government is imposing 16.5 per cent tariff on import of cotton apparels. Nepal can enjoy duty free facility till December 9, 2025.Himalayantimes
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President Barack Obama's special trade preferences provided to Nepal
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