By Kelum Bandara | Daily Mirror
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Thereby there would be no GSP concession for textile and clothing from August 15, a UK customs circular instructed.
The HM Revenue and Customs of the United Kingdom had issued this circular meant to be read by all involved in importing goods from Sri Lanka. Accordingly, the standard GSP+ rates will apply to all consignments of products from Sri Lanka after midnight of August 14.
For textile and clothing products, a GSP rate from 5.5 percent to 9.6 percent will be applied instead of nil rates currently applicable under the GSP + trade concessions for the country. The suspension will lead to a loss of Rs. 57 billion or a loss of 12 percent of the country's apparel exports," Joint Apparels Association Federation (JAAF) says. Sri Lanka was entitled to the concession since 2005. However, the EU has now decided to withdraw this trade facility since the government rejected its proposals. The EU put forward 15 proposals such as the implementation of the 17th Amendment, the repealing of certain sections of the Prevention of Terrorism Act and the upholding of media freedom.
© Daily Mirror
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