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

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Prime Minister Narendra Modi dedicating the Deendayal Hastkala Sankul to the nation, in Varanasi, Uttar Pradesh on September 22, 2017. Courtesy: PIB

Textiles | On 25th Sep 2017

Handicrafts trade facilitation centre opens in Varanasi

Prime Minister Narendra Modi dedicated the Deendayal Hastkala Sankul, ...

Apparel/Garments | On 25th Sep 2017

AAFA urges US govt to plug lacunae in military procurement

The American Apparel & Footwear Association (AAFA), an alliance of...

Interviews View All

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Larry L Kinn
Suominen Corporation

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silke Brand-Kirsch
Schlegel und Partner

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

Aditi Somani
Aditi Somani

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

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Sonam & Paras Modi
SVA

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

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

September 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

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
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

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
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

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
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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