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It is seen that small and medium industry operators of Nepal can benefit more from the latest step of America.
After Donald Trump's administration took office in the US, the world's economic sector has been shaken with the imposition of high customs duties on goods from 185 countries. Kantipur has confirmed its importance and relevance by writing an editorial on this topic on Wednesday along with the news of 'America's new customs rate, an opportunity for Nepal to benefit'.
Until now, the amount of goods exported from Nepal to the US is low and in order to encourage underdeveloped countries, the tax should be set at a low rate, i.e. only 10 percent. In this way, when there is a big difference in customs duty between us and competing countries, the entrepreneurs have been encouraged, while the economists and the officials of the Federation of Trade and Commerce, Trade and Export Promotion Center have emphasized that the government should make policy reforms, the morale of exporters should be kept high, and the country should benefit greatly from the export of quality goods.
If the government is really committed to economic reform and becomes a supporter of commercial production, the new customs policy of the United States can benefit greatly. It is indisputable that employment opportunities will be created in all villages and towns, the quantity and quality of exportable materials will increase, and industrialists will be helped to become competitive in the international market. However, after the 2072 earthquake, the United States gave Nepal duty-free facilities on 77 export items. But even after getting that facility, exports could not increase due to government indifference.
However, in the financial year 2080/81, businessmen have succeeded in exporting carpets, rugs and ready-made garments worth Rs 17.31 crore to the US. Exports should be considered satisfactory in the current financial year as well. At this time, it cannot be said that since the United States will impose a small customs tax on Nepal, neighboring countries, including those with high tariffs, will not turn a blind eye to Nepal for commercial production. Unless the government increases the facilities and encourages the domestic investors, the business will not be sustainable.
- Bhuvneshwar Sharma , Chandragiri-2, Kathmandu
