Categories: Headlines

US GSP duty free access effective for Sri Lanka from April 22

The re-authorised US GSP scheme enabling duty free exports will become effective for Sri Lankan exporters from 22 April, Minister of Industry and Commerce Rishad Bathiudeen said.

“This initiative greatly strengthens relations with our biggest trade partner in the world and helps not only our exporters but US importers and US consumers as well,” he said.

Sri Lanka will now benefit from the renewed US GSP Scheme until 31 December 2020, a ministry statement said.

US President Donald Trump re-authorised the US GSP facility for 120 beneficiary countries when he signed the US Omnibus Spending Bill on 23 March.

His re-authorisation opens opportunities for around 5,000 products to be imported to the US without tariff from 120 developing countries.

The scheme had not been renewed in December 2017.

The commerce ministry also said US importers are eligible to claim customs duties they had to pay during the period of inactive GSP from 1st January 2018 to 22nd April 2018 due to the retroactive effect of the US President’s renewal.

It also said Sri Lankan exports to the US are now almost at the $3 billion threshold for the first time, up 3.65% from 2016’s $2.8 Billion.

The US has been the leading buyer of Sri Lankan exports over the years and it continued its lead even last year.
Apparel products are Sri Lanka’s biggest export item to US, taking around 70-75% of annual exports. Total US-Sri Lanka trade (both exports and imports) in 2016 was US $3.3 billion.

The second largest buyer of Sri Lankan exports last year was UK at $1.03 billion and the third, was India at $689 million.
(COLOMBO, March 29, 2018)

AddThis Website Tools
Lankanewspapers

Recent Posts

LNP – Arrest warrant issued against Sajin de Vass Gunawardena

Colombo Additional Magistrate Pavithra Sanjeewani Pathiraja today issued an arrest warrant against former Parliamentarian Sajin…

17 hours ago

LNP – Sri Lankan film ‘Riverstone’ picks up two awards at Shanghai International Film Festival

The 27th Shanghai International Film Festival (SIFF) celebrated the best in global cinema at a…

19 hours ago

LNP – Jaffna to lead first phase of coconut pest eradication program

The Coconut Cultivation Board has announced the launch of a special program titled “Coconut Fortnight”…

19 hours ago

LNP – Sri Lanka’s FDI records 90% increase in first quarter 2025

The Board of Investment (BOI) of Sri Lanka has successfully increased Foreign Direct Investment (FDI)…

4 days ago

LNP – Sri Lanka deports 85 Chinese nationals over criminal activities

A total of 85 Chinese nationals convicted for various crimes, including cyber-related offences, were deported…

4 days ago

LNP – Think twice before buying EVs: Vehicle importers

The Vehicle Importers Association of Lanka (VIAL) has urged the public to carefully consider their…

4 days ago