Home / Knowledge / News / Apparel/Garments / Sri Lanka starts process to regain EU's GSP Plus
Sri Lanka starts process to regain EU's GSP Plus
28
Mar '15
courtesy: news.lk
courtesy: news.lk
Strengthened by previous positive vibes from the European Union, the Government of Sri Lanka has started the process to regain the generalised system of preferences plus (GSP Plus) status, according to an official statement.
 
An eight-member EU Trade Working Group (TWG), a senior delegation on GSP Plus led by a very senior trade official of EU, held discussions with Sri Lankan officials this week, in Colombo.
 
The EU-Sri Lanka Working Group on Trade and Economic Cooperation was held in a “friendly and constructive atmosphere”. It was co-chaired by RDS Kumararatne, director general of commerce, for Sri Lanka and Marc Vanheukelen, director, European Commission directorate general for trade, for the EU.
 
The joint statement issued at the end of the meeting said: “Sri Lanka and the EU discussed issues related to promoting bilateral trade and investment. In particular they started the process that may lead to the re-admission of Sri Lanka to the status of GSP Plus under the European Union’s new GSP regulation. They also discussed bilateral matters related to investment facilities, import duties and fishery exports from Sri Lanka to the EU.”
 
“The EU and Sri Lanka also reviewed progress in the WTO Doha Development Agenda negotiations and expressed their hope that the Trade Facilitation Agreement would enter into force at the 10th WTO Ministerial Conference in December 2015,” the statement added.
 
The statement said European Union is favourably considering Sri Lanka’s proposal for possible funding in the areas of trade-related capacity building and development support for SMEs’ trade competitiveness in regional and EU markets under EU’s Regional Programming for Asia Multiannual Indicative Programme 2014-2020.
 
Sri Lanka lost the GSP Plus status in 2010 due to the United Nations Human Rights Council (UNHRC) alleging violations of Human Rights during the civil war. Subsequently, when the EU evaluated Sri Lanka last year it found that the country was not adhering to 3 of the 27 international covenants that a country must abide to qualify for the consideration of GSP Plus.
 
However, based on a political commitment by the new Sri Lankan government, the EU will consider Sri Lanka’s case under a special monitoring process. The full application process takes about 10 months. If the status is granted, Sri Lankan exports to the EU will attract lower or no duty.
 
Last week, Sri Lankan minister of industry and commerce Rishad Bathiudeen said that the country had lost considerable apparel revenue over the past few years as a result of losing GSP Plus.  He said the recovery of GSP Plus would be a great step forward for the country’s competitive apparel sector and its global image.
 
The EU is Sri Lanka’s largest export market, accounting for one-fourth of all exports, of which garments constitute around 60 per cent. In 2014, Sri Lanka’s apparel exports to the EU increased by 10.5 per cent year-on-year to US$ 2.16 billion. (RKS)
 

Fibre2fashion News Desk - India


Must ReadView All

Europe fights against microplastic release from textiles

Textiles | On 18th Jan 2018

Europe fights against microplastic release from textiles

The European Commission, the institution of the European Union, has...

Egypt starts building biggest textile city in Al-Sadat

Textiles | On 18th Jan 2018

Egypt starts building biggest textile city in Al-Sadat

Egypt has started construction of the biggest city for textiles and...

Vietnam targets $20 bn from export of footwear, bags

Apparel/Garments | On 18th Jan 2018

Vietnam targets $20 bn from export of footwear, bags

Vietnam targets to earn around $20 billion from the export of...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Top executives
Textile industry

The foremost issue is bridging the skill gap

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Urs Stalder
Sanitized AG

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

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Aditi Somani
Aditi Somani

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

January 2018

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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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

Active Poll

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

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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