The US Embassy says the United States’ Generalized System of Preferences or GSP program for Sri Lanka, will expire on December 31st this year.
In a statement on its official website the US embassy noted, the United States Congress did not re-authorize GSP before adjourning for the year.
The immediate effect of GSP expiration is GSP eligible imports to the United States from Sri Lanka and other GSP beneficiary countries and territories will be subject to non-preferential duties beginning January 1st, 2018.
The statement however noted the United States was proud to serve as the top export market for Sri Lanka.
It further highlighted according to the Global Trade Atlas, in 2016, the United States imported $2.8 billion worth of Sri Lankan goods.