Home / Knowledge / News / Apparel/Garments / Sri Lankan apparel sector can gain by regaining GSP+
Sri Lankan apparel sector can gain by regaining GSP+
28
Mar '12
Sri Lanka's apparel industry can further benefit by regaining the EU's Generalised System of Preferences Plus (GSP+) concession, British High Commissioner John Rankin said while speaking at the 19th Annual General Meeting of Sri Lanka Apparel Sourcing Association.

He stated that withdrawal of the preferential tax facility extended under the EU's GSP+ does not seem to have had any significant effect on latter's garment exports to Europe. This is evident from the fact that around half of Sri Lanka's US$ 4 billion worth of apparel exports are towards the EU, including the UK.

The ongoing financial problems in some European countries, which has reduced the purchasing power of buyers there, has failed to affect the volume of Sri Lankan apparel exports to these countries, he said. However, the debt crisis may have led to contraction of profit margins of producers and outsourcing partners, he added.

According to Mr. Rankin, in spite of all adversities, Sri Lanka continues to be a major source of premium, innovative and reasonably priced clothing items for the EU, the US and India, and would continue to be so for long. Thus, it is in Sri Lanka's own interest to retain effective commercial relationship with these countries.

He suggested that Sri Lanka may try to regain the EU's GSP+ concession, but clarified that it is up to the Sri Lankan Government to decide whether it wishes to satisfy the GSP requirement and reapply to regain the facility.

The EU had temporarily withdrawn Sri Lanka's preferential access to the EU market starting from August 15, 2010, after if found shortcomings in Sri Lanka's implementation of three UN human rights conventions.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X