Sri Lankan apparel sector expects the return of European Union's trade concession GSP Plus which is likely to balance out potential effects from the TPP agreement, the biggest global trade agreement in two decades.
Sri Lanka's Industry and Commerce Minister Rishad Bathiudeen speaking at his Ministry's annual Ransalu textile expo inauguration event on 18 December at BMICH in Colombo stressed that the Trans Pacific Partnership (TPP) agreement signed in early October needs to be studied further as there are many concerns in trade sectors across the world that this October's Trans Pacific Partnership agreement could have an impact on them.
Minister Bathiudeen also said that the government is trying to position Sri Lanka among the top 10 high quality apparel manufacturing countries in the world by 2020. In such a background this annual Ransalu series of exhibitions is a great way to showcase their large scale as well as SME textiles.
In fact the ministry has spent nearly Rupees 88 million in 2013 and 2014 for development programs in handlooms as well. They also send their local apparel craftsmen for Textile Technology training to Kerala India.
Sri Lankan Prime Minister Ranil Wickremesinghe said that he too believe TPP agreement needs further study. At the same time, the government is moving forward on EU GSP Plus facility as well. Government's timely initiatives to regain GSP Plus likely cancel to out any potential effects of TPP on their apparel sector.
The latest good news on apparel sector is that two weeks ago the global textile web site "just-style.com" announcing Lankan apparels' continued top slot in the USA market.
Sri Lankan apparel industry has set a new export target of US$ 10 billion by 2025 and the government supports it. In 2014, Sri Lanka's apparel export values totaled US$ 4.9 billion.
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