Revision Of GSP + Preferential Policy Is The Only Way To Revitalize Sri Lanka'S National Garment Industry.

2010/12/25 15:53:00 85

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Sri Lanka

The apparel industry is worried that if the recent budget proposal to raise 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 the price of cotton and polyester, the increase in freight rates, the fluctuation of exchange rate, and the competition of other countries using the GSP+ preferential policy and Sri Lanka, these factors make Sri Lanka.

clothing

Industry is worsening.

Now, in addition to the difficulties mentioned above, if the electricity price is raised again, the garment industry that has already been in trouble will be further deteriorated 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 the domestic product is subject to a 9.6% tax rate, the price of the buyer will be higher than that of other countries when purchasing Sri Lanka products.

The clothing industry appealed to the government to sit down again.

European Union

Discuss the revision of GSP + preferential policies.