Sri Lankan exports to the UK to receive same treatment as enjoyed under EU’s GSP Plus facility
The UK has reportedly assured that Sri Lanka’s exports would receive the same treatment as it did under the trade concessions enjoyed under the European Union (EU) GSP Plus trade concession.
UK High Commissioner Sarah Hulton addressing the post business session of the annual general meeting (AGM) of the Sri Lanka Apparel Exporters Association (SLAEA) last week has stated, “Sri Lanka will continue to benefit the way it did at the time of transition (Brexit) and the trade preferences.”
The UK will be establishing a Most Preferred Value that would be worked out for products from January 1, 2021, the High Commissioner has explained.
She has further noted the UK recognises the role that the trade concessions from the EU under the GSP Plus scheme have played for Sri Lanka.
It was pointed out that 53 per cent of Sri Lanka’s imports to the UK entered under this scheme and this trade preference would continue under the new system.
Finance Ministry Secretary S. R. Attygalle, addressing the industry, has reportedly assured that the apparel park (in Sri Lanka’s Eastern Province) would be established as soon as possible.
However, he has noted that the challenge for the industry would be to achieve US$10 billion by 2025.
The Secretary has called on the industry to ensure they spread their presence into other provinces in the country.
OSL take:
The EU’s GSP Plus trade concessions enjoyed by the country has helped boost Sri Lanka’s exports sector. The assurance by the UK that Sri Lankan exports would continue to enjoy trade benefits even after Brexit is an encouraging sign for Sri Lanka’s exports sector. The country’s exports sector is on a continuous growth path as well. Foreign businesses/investors could therefore confidently explore business opportunities in Sri Lanka’s exports sector.
| Article Code : | VBS/AT/26022020/Z_4 |