Advantage Sri Lanka
- The regaining of GSP Plus would see the Sri Lankan apparel industry surpass the US$ 5 billion mark for exports for the first time in 2017-18.
- EU is Sri Lanka's biggest export market accounting for nearly one-third of Sri Lanka's global
exports and GSP Plus will provide Sri Lankan exporters duty free access to the EU market with duties cut from 9.6% to 0%.
- In preparation for Brexit as well as to take full advantage of GSP Plus, Sri Lankan apparel makers
and exporters have petitioned the EU to grant permission to source high-quality fabrics from ASEAN and
export the goods produced using such under the GSP Plus scheme.
- Logistically, Sri Lanka is situated at a nerve centre for shipping with 24% of the world
container traffic from East to West moving though the Colombo port area thus creating
stronger intra-regional connects.