U.S. GSP to become active from April 22
The re-authorised US GSP will become active for Lankan exporters from April 22, according to a communiqué by Sri Lanka’s Industry and Commerce Ministry.
U.S. President Donald Trump re-authorised U.S. GSP facility for 120 beneficiary countries—which was not renewed in December 2017—when he signed the U.S. Omnibus Spending Bill on March 23.
His re-authorisation opens opportunities for around 5,000 products to be imported to the U.S. without tariff from 120 developing countries.
The U.S. has been the leading buyer of Lankan exports over the years and it continued its lead even last year.
Sri Lanka’s total exports to US last year stood at US$ 2.9 billion.
Apparel products are Sri Lanka’s biggest export item to the U.S. taking around 70-75 percent of annual exports. Total U.S.-Sri Lanka trade—both exports and imports—in 2016 was US $ 3.3 billion.