Nepal has
failed to take benefit of the facility of Generalised System of Preferences
(GSP) provided by the US, according to a high level US representative.
"The US imported $78 million worth of goods from Nepal in 2011, but imports under the GSP facility stood at $5.1 million only, which is seven per cent of the total US imports from Nepal," said deputy assistant US Trade Representative for the Generalised System of Preferences and chair of the GSP sub committee of the Trade Policy Staff Committee William D Jackson at an interaction on 'Expanding and Diversifying Nepal's Exports to the US under the GSP,' organised by the Ministry of Commerce and Supplies, Nepal-USA Chamber of Commerce and Industry, and USAID/NEAT-Nepal here today.
"If Nepali exporters can use GSP as a marketing tool, their exports can have two per cent to 13 per cent cost benefit," he said, suggesting them to ensure that the GSP treatment is claimed by US importers. "Apart from identifying GSP-eligible products that Nepal is exporting to other markets, Nepali exporters can consider products with GSP advantages to increase duty free exports to the US market."
However, due to the ignorance of the US importers and confusion over rules of origin, US importers have not been claiming the duty refund, Jackson added.
"GSP, if used rightly, can create more trade opportunities," Charge d' Affairs of the US Embassy in Kathmandu Patricia Mahoney, said, adding that economic development is one of the three key US foreign policies in Nepal. "With partnership of government and private sector, we can create optimistic trade opportunities through GSP," she added.
To increase the rate of utilisation of GSP facility rate, the private sector must be proactive, said commerce and supplies secretary Lal Mani Joshi. "The government is committed to supporting the private sector as a facilitator," he said, adding that periodic review, to report regularly, could also help increase utilisation rate of GSP. "A permanent mechanism could also be thought of to facilitate exports," the secretary added.
"Nepal is eligible to export 4,975 different types of products to the US duty free under the GSP facility that is aimed at assisting developing countries to increase foreign exchange earnings required for developing imports, fostering industrialisation of the developing countries, and accelerating overall economic growth," said Nepal-USA Chamber of Commerce and Industry president Narendra Kumar Basnyat.
Nepali Flag is a success story of GSP?
KATHMANDU: The Nepali national flag is a success story of the GSP facility. "The export of Nepali flags that stood at around $60,000 in 2007 has continuously been increasing and is a success story of export under GSP facility," said deputy assistant US Trade Representative for the Generalised System of Preferences and chair of the GSP sub committee of the Trade Policy Staff Committee William D Jackson. "The exports of Nepali flags has reached almost $300,000," he said, adding that though most textile and apparel are not eligible for exports to US under GSP, Nepali flag can be exported to the US under GSP facility.
"The US imported $78 million worth of goods from Nepal in 2011, but imports under the GSP facility stood at $5.1 million only, which is seven per cent of the total US imports from Nepal," said deputy assistant US Trade Representative for the Generalised System of Preferences and chair of the GSP sub committee of the Trade Policy Staff Committee William D Jackson at an interaction on 'Expanding and Diversifying Nepal's Exports to the US under the GSP,' organised by the Ministry of Commerce and Supplies, Nepal-USA Chamber of Commerce and Industry, and USAID/NEAT-Nepal here today.
"If Nepali exporters can use GSP as a marketing tool, their exports can have two per cent to 13 per cent cost benefit," he said, suggesting them to ensure that the GSP treatment is claimed by US importers. "Apart from identifying GSP-eligible products that Nepal is exporting to other markets, Nepali exporters can consider products with GSP advantages to increase duty free exports to the US market."
However, due to the ignorance of the US importers and confusion over rules of origin, US importers have not been claiming the duty refund, Jackson added.
"GSP, if used rightly, can create more trade opportunities," Charge d' Affairs of the US Embassy in Kathmandu Patricia Mahoney, said, adding that economic development is one of the three key US foreign policies in Nepal. "With partnership of government and private sector, we can create optimistic trade opportunities through GSP," she added.
To increase the rate of utilisation of GSP facility rate, the private sector must be proactive, said commerce and supplies secretary Lal Mani Joshi. "The government is committed to supporting the private sector as a facilitator," he said, adding that periodic review, to report regularly, could also help increase utilisation rate of GSP. "A permanent mechanism could also be thought of to facilitate exports," the secretary added.
"Nepal is eligible to export 4,975 different types of products to the US duty free under the GSP facility that is aimed at assisting developing countries to increase foreign exchange earnings required for developing imports, fostering industrialisation of the developing countries, and accelerating overall economic growth," said Nepal-USA Chamber of Commerce and Industry president Narendra Kumar Basnyat.
Nepali Flag is a success story of GSP?
KATHMANDU: The Nepali national flag is a success story of the GSP facility. "The export of Nepali flags that stood at around $60,000 in 2007 has continuously been increasing and is a success story of export under GSP facility," said deputy assistant US Trade Representative for the Generalised System of Preferences and chair of the GSP sub committee of the Trade Policy Staff Committee William D Jackson. "The exports of Nepali flags has reached almost $300,000," he said, adding that though most textile and apparel are not eligible for exports to US under GSP, Nepali flag can be exported to the US under GSP facility.
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