SL can compete without GSP - Cabraal
Mar 10, 2011 7:00:00 PM - aussieindolanka.com
Sri Lanka asserted that that it is capable of competing in the international market despite the withdrawal of the GSP concession granted by the European Union.
"Sri Lankan products no longer needed concessions to compete in the international market, and was fully capable of doing so on the basis of its quality and improved productivity," Central Bank Governor Ajith Nivard Cabraal said in Brussels on Tuesday.
He was speaking at the European Institute for Asian Studies (EIAS) on the theme "Sri Lanka’s Economic Resurgence and Future Prospects".
Questioned as to the economic impact following the withdrawal of the EU-GSP+ tariff concessions in August 2010, the Governor Cabraal said Sri Lanka had prepared for this eventuality over time and consequently the impact of its loss has been minimal. He said the exaggerated fear that it would lead to massive job loss and reduction of exports had not materialized. In fact, trade to the EU countries had grown by 38% in the last 4 months of 2010.