Home / Knowledge / News / Textiles / Sri Lankan textiles to benefit as EU grants GSP+
Sri Lankan textiles to benefit as EU grants GSP+
17
May '17
A wide array of Sri Lankan products, including textiles, are set to benefit as the European Union has granted enhanced market access for the South Asian island nation as a reform incentive. The one-way trade preferences under a special arrangement of the EU Generalised Scheme of Preferences, known as GSP+, are likely to come into force this month.

The trade preferences granted to Sri Lanka under GSP+ consist of the full removal of duties on 66 per cent of tariff lines, including textiles and fisheries, entering the EU market. These have been granted “in exchange for the country's commitment to ratify and effectively implement 27 international conventions on human rights, labour conditions, protection of the environment, and good governance,” an official statement said.

EU’s GSP+ is designed to support developing countries by fostering their economic development through increased trade with Europe and providing incentives to take tangible measures towards sustainable development.

"Granting GSP+ to Sri Lanka aims to provide the opportunity to develop further economically, including creating more and better jobs for all Sri Lankans, on a sound foundation that advances human and labour rights, and in a manner that is environmentally sustainable. It is also a vote of confidence from the European Union that the Sri Lankan Government will maintain the progress it has made in implementing the international conventions,” said EU trade commissioner Cecilia Malmström.

If Sri Lanka continues to make the necessary progress, then the country has the chance to benefit from the scheme until it achieves Upper Middle Income country status for three consecutive years. On current trends, that should mean that Sri Lanka will benefit from GSP+ until at least 2021.

The EU is Sri Lanka's biggest export market accounting for nearly one-third of Sri Lanka's global exports. In 2016, total bilateral trade amounted to almost €4 billion, and EU imports from Sri Lanka amounted to €2.6 billion. The removal of import duties will provide a total of immediate benefits worth in excess of €300 million a year. However, the value of the scheme could be worth many times more, particularly if Sri Lanka uses the opportunity to diversify its economy. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Mario Crosta

Textiles | On 23rd Oct 2018

'Global textile machinery market may grow at 14% by 2020'

Analysts have predicted that the global textile machinery market may...

Cotton production and exports in West Africa. Courtesy: FAS/USDA

Textiles | On 23rd Oct 2018

Record cotton production to drive West Africa exports

Cotton exports from West Africa for 2018-19 are projected to surpass...

Courtesy: Prudence Earl on Unsplash

Textiles | On 23rd Oct 2018

Sri Lanka's textile exports up 4.7% in Jan-July '18

Sri Lanka’s earnings from textiles and garments exports increased by...

Interviews View All

Dinaz Madhukar, DLF Emporio and DLF Promenade

Dinaz Madhukar
DLF Emporio and DLF Promenade

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

Claudia Kersten, Global Organic Textile Standard

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

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

Dr. Rene Wollert, Freudenberg Nonwovens

Dr. Rene Wollert
Freudenberg Nonwovens

Dr. Rene Wollert discusses the current scenario of the global nonwovens...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

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

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


October 2018

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

news category


Related Categories:

Advanced Search