Final papers have been submitted to EU by Sri Lanka. The papers are signed by both govt. of Indonesia and Sri Lanka. This is to buy fabric from Indonesia and secure a complete duty wavier exporting to the EU under the GSP+ concessions. After the virtual acceptance of the submission, Sri Lanka is now waiting for EU’s approval.
Another joint submission to the EU is on the final stage by South Korea and Sri Lanka to purchase fabric from Korea.
Mr Nimal Karunathilake- Acting Additional Director General of the Department of Commerce said that despite the GSP+ utilization rate being relatively low at 55pc, the country cannot rely on EU, UK or USA export markets only. According to him, Chinese and Indian industries will also play a major role in global trade in years to come. He said that by 2030, China will overcome USA as the largest economy in the world.
He said that Sri Lanka needs to explore new opportunities and needs to sign an FTA with China in the near future.
