The signing of preferential trade agreements with Nepal, Bhutan and Indonesia has been delayed for months as the economy is battling the global COVID-19 fallout, officials have said.
Axiata said the payment was made under protest and will seek remedies including restitution of sums already paid in the international arbitration proceedings.
Nepal has signed six bilateral investment treaties that can be described as first generation i.e. a template of BITs that were championed by investor-friendly Western European countries
Bangladesh and Nepal have agreed to sign a Free Trade Agreement to enhance trade between the two countries.
The ICSID has issued an interim order preventing Nepal’s government from collecting capital gains tax on Axiata’s acquisition of Ncell.
The ICSID had issued an interim order directing the government not to take any steps to enforce its decision to collect the outstanding capital gains tax.
A US-based international court issues interim order directing the Nepal government not to impose capital gains tax on Ncell buyout deal for the time being.
Axiata UK may be required to exhaust local remedies before resorting to arbitration under the UK-Nepal investment treaty
Axiata Group’s UK subsidiary and Nepal mobile unit filed a request for arbitration with the International Centre for the Settlement of Investment Disputes, regarding a capital gains tax bill levied by Nepali authorities.
The United States engaged with Nepal to identify ways to increase intellectual property protections and facilitate foreign investment, as well as greater market access and reform in Nepal’s agricultural sector.
Nepalese Prime Minister KP Oli’s visit this time to Beijing is being looked at as a careful balancing act to maintain ties with both India and China.
Bangladesh and Nepal have agreed to examine existing tariffs and remove non-tariff barriers and para-tariff measures to reverse the very low level of bilateral trade.
The bilateral meeting will focus on looking for ways to expand production of the 66 products to which the US has been providing duty-free access through the Trade Preferences Act (TPA).
The upcoming council meeting will cover raft of issues related to trade and investments. Nepal has been preparing to lure investors from the US by showcasing various projects in hydropower, tourism, industry and service sectors.
Among the ten agreements sealed by both countries include a feasibility study on the establishment of a Free Trade Agreement.
Experts have termed India’s unofficial trade blockade on Nepal as a breach of international conventions and multilateral agreements that both Nepal and India have signed.
China has proposed Nepal to sign a Bilateral Investment Promotion and Protection Agreement (Bippa) during Deputy Prime Minister and Home Minister Bamdev Gautam’s visit to the northern neighbour.
With the implementation of the South Asian Free Trade Agreement (Safta) remaining in limbo, Nepal has been negotiating with a number of South Asian countries to sign bilateral Free Trade Agreements.
Pakistan Senator Ishaq Dar said that a draft of the Free Trade Agreement between Pakistan and Nepal was handed over to the Nepalese side during the sixth session of Pakistan-Nepal Joint Economic Commission.
At the upcoming meeting, Nepali entrepreneurs are expecting that the Government would work out a bilateral Free Trade Agreement (FTA) to improve garment and Pashmina item exports to the US, exports of which have been declining since 2000.