GSP+ to raise Lanka's apparel export revenue by $400 mn

18 Sep '17

1 min read

Sri Lanka’s apparel exports will increase after it regained the generalized system of preferences (GSP) Plus trade concessions from the European Union (EU) in May after losing it in 2010. A further $400 million in revenues from apparel exports is now in the pipeline, minister of industry and commerce Rishad Bathiudeen said at an expo in Colombo recently.

GSP is a preferential tariff system that offers a formal system of exemption from the more general rules of the World Trade Organization (WTO). GSP Plus is a special arrangement under the EU Generalised Scheme of Preferences designed to support developing countries by fostering their economic development through increased trade with Europe and providing incentives to take tangible measures towards sustainable development.

The 9th Colombo International Yarn & Fabric Show 2017 - Fall Edition and the International Home Textile Sri Lanka Expo 2017 were inaugurated by the minister on September 15. The exhibitions have attracted participants from Taiwan, China, India, Korea and Singapore, according to Sri Lankan media reports.

Last year, Sri Lanka’s apparel exports were worth $ 4.8 billion and in the first six months of this year, the figure was $2.7 billion. (DS)

Fibre2Fashion News Desk – India

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