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GSP withdrawal will not impact the country

Jul 6, 2010 4:18:07 AM - itnnews.lk

The Central Bank has stressed that losing the GSP Plus concession will not have an effect on Sri Lanka. Director of the Economic Research Department of the Central Bank K.D. Ranasinghe has said that the Government along with the apparel industrialists and exporters are prepared to face the consequences.

The EU decided to suspend the GSP plus facility from the 15th of next month. The situation mostly affects the garment sector. 50 percent of the total garment exports are directed to the European countries. Only 60 percent out of this amount enjoys the GSP Plus concession as 40 percent is not granted the concession. Therefore he said the withdrawal of the concession will not impact the garment sector as the industrialists and the exporters will be able to face the situation without difficulty.