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

ITC, ICS tie up to help Moroccan textile value chain

Textiles | On 21st Apr 2018

ITC, ICS tie up to help Moroccan textile value chain

The International Trade Centre (ITC) has partnered with ICS, which...

Bangladesh garment manufacturers call for fair pricing

Apparel/Garments | On 21st Apr 2018

Bangladesh garment manufacturers call for fair pricing

Bangladesh garment manufacturers want a ‘commensurate adjustment’ by...

Pak ministry proposes extension to PM package for 2018-19

Textiles | On 21st Apr 2018

Pak ministry proposes extension to PM package for 2018-19

Pakistani textile ministry has reportedly proposed extending the...

Interviews View All

Top executives
Textile industry

Knowledge sharing platform needed for sustainable water management

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Anupam Arya

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Yash P. Kotak
Bombay Hemp Company

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

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

Leave your Comments


April 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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
7.8%
Skip
9.7%

Total Votes: 103


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