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Apprehensions on GSP+ withdrawal nullified - President
31 Mar '11
1 min read
The withdrawal of the Generalized System of Preference plus (GSP+) trade facility by the European Union has not impacted the Sri Lankan economy, as increasing number of orders are flowing in to the country's garment industry, President Mahinda Rajapaksa said.
He said that, all the apprehensions regarding the adverse effects that the suspension of the facility would have on the sector and the country's economy as a whole have been nullified.
However, he stated that, if the USA too withdraws the GSP benefit that it has granted to Sri Lanka, then Sri Lanka would have to face the adversities, but then, will even triumph over the same.
The country's garment exports grew by 33.9 percent in December 2010, even after withdrawal of the GSP+ trade facility by the EU in August 2010. Meanwhile, garment exports to the US too rose by 31.4 percent.
He said that, all the apprehensions regarding the adverse effects that the suspension of the facility would have on the sector and the country's economy as a whole have been nullified.
However, he stated that, if the USA too withdraws the GSP benefit that it has granted to Sri Lanka, then Sri Lanka would have to face the adversities, but then, will even triumph over the same.
The country's garment exports grew by 33.9 percent in December 2010, even after withdrawal of the GSP+ trade facility by the EU in August 2010. Meanwhile, garment exports to the US too rose by 31.4 percent.
Fibre2fashion News Desk - India
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