Home / Knowledge / News / Textiles / Sri Lanka set to regain EU GSP plus concessions
Sri Lanka set to regain EU GSP plus concessions
12
Aug '15
Sri Lankan Prime Minister Ranil Wickremesinghe has assured that the country will regain the GSP plus trade concession from the European Union. His assurance came after a meeting local and foreign garment industry officials at his official residence Temple Trees on August 11.

The Generalised Scheme of Preferences (GSP) Plus had helped the garment industry, Sri Lanka's second biggest foreign exchange earner after remittances, to benefit substantially with a 6-7 per cent concession.

Industry players have estimated the benefit to be in the range of above $500 million annually.

Wickremesinghe's optimism was echoed by another minister. "We are very, very hopeful that, within a matter of months, Sri Lanka will be able to get GSP Plus back," Harsha De Silva, deputy economic development minister, told reporters. He said the concession would benefit those exporting to the EU by at least 12 per cent.

"No fresh conditions have been made. We have been working very closely with the EU."

Exporters have also agreed to raise wages of their employees and increase their EPF and ETF contributions needed for the return of GSP plus.

Responding to a question about higher salaries in Sri Lanka’s export industry in comparison to countries like Bangladesh and Vietnam possibly dissuading potential investors, De Silva said that this was a myth and that, in fact, salaries in the country needed to be increased.

Sri Lanka lost the EU concession in 2010 after then-president Mahinda Rajapaksa rejected demands from the international community to address human rights abuses allegedly committed during a 2009 offensive to crush the Tamil insurgency. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

GST Council allows ITC refund to fabrics

Textiles | On 23rd Jul 2018

GST Council allows ITC refund to fabrics

The Goods and Services Tax (GST) Council at its 28th meeting held...

GST slashed on Chenille fabrics, knitted cap to 5%

Textiles | On 23rd Jul 2018

GST slashed on Chenille fabrics, knitted cap to 5%

The Goods and Services Tax (GST) on Chenille fabrics and other...

Courtesy: Pixabay

Textiles | On 23rd Jul 2018

Pakistan's textile exports up 8.67% in 2017-18

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Lynda Kelly
Suominen Corporation

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

Leave your Comments


July 2018

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

news category


Related Categories:

Advanced Search