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Extension of GSP Plus status to be decided next month
30
Sep '09
The European Commission will convene on October 15, to discuss the matter of extending the GSP Plus status to Sri Lanka. As per GSP Plus, exports from Sri Lanka do not attract any import duties in its exports to the countries of the European Union.

GSP Plus gives Sri Lanka the right to export more than 7,200 products duty-free to the EU, which last year accounted for 36 percent of Sri Lanka's US $8.1 billion in total exports. Countries receiving GSP Plus must have ratified and implemented 27 international conventions on rights, labour, development and good governance.

As per sources in the European Commission, the status may be extended, but with conditions attached. The Commission is probing the excesses of the military in its war against terrorism, last year and which has become the central topic of the Commission in its decision to extend the status.

The biggest export revenue generator; apparels is fully dependent on the GSP Plus status being given a extension, since most of the exports from the sector are destined for Europe and losing the status would mean competing with other countries like China, India and Vietnam on a equal footing.

Fibre2fashion News Desk - India


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