Home / Knowledge / News / Apparel/Garments / Loss of GSP Plus will not impact exports – Apex Bank
Loss of GSP Plus will not impact exports – Apex Bank
22
Oct '09
The Apex Bank of Sri Lanka said that, the potential loss of GSP+ status will not have any adverse impact on the exports from the country. It has to be noted that this concession helped Sri Lankan exporters to boost up their shipments to its biggest market; European Union.

The European Union recently conducted a probe and also published a report which states that, Sri Lanka breached human rights laws, and could also impact the GSP+ status, when it comes up for renewal in December 2009. The GSP+ status helps access Sri Lankan products to be exported to the EU at Zero duty.

Sri Lanka rejected the findings and said it would defend itself, after refusing last year to cooperate with a rights probe it viewed as a violation of sovereignty while it was fighting to defeat the Tamil Tiger rebels.

The suspension of GSP+, which helped Sri Lanka earn a record US $3.47 billion from garment exports in 2008, could deal another blow to Sri Lanka's apparel industry, which is already suffering because of the current global economic state.

Last year, Sri Lanka said it would set aside $150 million to cushion affected exporters against the loss of GSP+ and said, that was its estimate of the total potential financial impact. In 2008, the European Union accounted for 36 percent of its $8.1 billion in total exports, followed by the US with 24 percent.

Fibre2fashion - News Desk, India

Must ReadView All

Textiles | On 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Apparel/Garments | On 27th Apr 2017

EC takes action to make garment sector more sustainable

The European Commission (EC) has presented a set of focused actions...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Rupa Sood and Sharan Apparao
Nayaab

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

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X