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

Market share of Indian textile items expand in 13 nations

Textiles | On 11th Dec 2017

Market share of Indian textile items expand in 13 nations

Thirteen countries — Germany, France, Italy, the United States,...

Bangladesh garment exports rise 7.46% in July-Nov '17

Apparel/Garments | On 11th Dec 2017

Bangladesh garment exports rise 7.46% in July-Nov '17

Readymade garment exports from Bangladesh increased 7.46 per cent in...

Cotton price increase is not sustainable: ITF

Textiles | On 11th Dec 2017

Cotton price increase is not sustainable: ITF

The increase in cotton price seen last week is only a short-term...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Erik Sy

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

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Mohammad Hassan
Biax Fiberfilm

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Sonam & Paras Modi
SVA

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

Aditi Somani
Aditi Somani

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

Karan Arora
Karan Arora

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

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

December 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
69.2%
No
12.1%
Skip
18.7%

Total Votes: 91

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
61.5%
No
30.8%
Skip
7.7%

Total Votes: 91

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
86.8%
No
9.9%
Skip
3.3%

Total Votes: 91

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
81.3%
No
8.8%
Skip
9.9%

Total Votes: 91


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