LOCAL

Sri Lanka to receive GSP concessions

Nathasha De Alwis

COLOMBO (News 1st) – The United States of America has re-authorized the US GSP facility for Sri Lanka from the 22nd of this month. Issuing a communique, the Ministry of Industry and Commerce said US President Donald Trump has decided to grant the GSP facility to 120 beneficiary countries.

The facility opens opportunities for around 5000 products of 120 developing countries to be imported to the US without tariffs. The Ministry added that this measure further strengthens ties with the world’s largest trade partner.

The US became the leading buyer of Lankan exports last year. Sri Lanka’s total exports to the US last year increased $3 Billion according to the Ministry. Apparel products are Sri Lanka’s biggest export item to the US.

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