Kathmandu, December 17.  The United States-Nepal Council on Trade and Investment held a virtual meeting on December 15. The fifth meeting, conducted under the United States-Nepal Trade and Investment Framework Agreement (TIFA), discussed upon various trade and investment issues including customs and trade facilitation, intellectual property, digital trade and e-commerce, labor, financial services, investment promotion, trade in agriculture products, and utilization of the Nepal Trade Preference Program.

Mr. Christopher Wilson, Assistant US Trade Representative for South and Central Asia and Mr. Baikuntha Aryal, Secretary of Ministry of Industry, Commerce and Supplies,  co-chaired the event which was attended by other officials from both the countries.

In a joint statement released by the US Embassy in Nepal, United States was keen in fostering trade relations with Nepal, focusing on digital trade. Since intellectual property and digital trade is need of the current world, United States agreed to explore such sectors in Nepal. Nepal also provided information on the recent policy changes that were made and affirmed their stand on worker rights. Nepal also expressed the desire to attract further foreign investment from United States. Nepal and United States also discussed upon fully utilizing the preferential trade benefits for selected products from Nepal.

The 6^th TIFA Council Meeting is scheduled to take place in Kathmandu, Nepal as soon as travel conditions permit. Nepal and the United States had a two-way trade of US$213.4 million in 2019, a 38% increase compared to 2018.