Sri Lanka Garment Industry Appealed To EU To Change GSP + Preferential Policy
The clothing industry in Sri Lanka expressed concern that if the recent budget proposal to increase electricity tariffs by 9.5% from next month will lead to further deterioration of the already difficult garment industry.
Because of the end of the GSP + preferential policy, the garment industry has suffered losses.
In addition, other factors, such as cotton,
polyester
Higher prices, higher freight rates, fluctuating exchange rates, and competition from other countries in using GSP + preferential policies to compete with Sri Lanka make the Sri Lanka garment industry even worse.
Now, in addition to the above difficulties, if we raise the electricity price again, we are already in a predicament.
Garment industry
It will further deteriorate and may even be permanently closed.
Therefore, the clothing industry strongly opposed the proposal to raise the electricity price.
Many countries, such as Bangladesh, Vietnam and Pakistan, initially lag behind Sri Lanka in terms of clothing trade. Now, after the abolition of GSP + (GSP+) tax reduction measures in August this year, they have become a strong competitor in Sri Lanka.
Modifying GSP + preferential policies is the only way to revitalize Sri Lanka's national garment industry.
If it is made in China
product
With a 9.6% tax rate, buyers will buy more products from Sri Lanka than others.
The clothing industry appealed to the government to sit down again and discuss with the European Union the GSP plus preferential policies.
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