US extends GSP till end 2013

Wednesday, 19 October 2011 01:20 - - {{hitsCtrl.values.hits}}

The US GSP programme, which came to a temporary halt at the end of 2010 due to some domestic concerns, has now been extended till the end of 2013.

The Department of Commerce under the Ministry of Industry and Commerce said last night that the US President was expected to sign the Reauthorisation Bill into law shortly. The Department of Commerce noted that the GSP programme would be officially reinstated 15 days after the US President signs the bill.

Once signed into law, the programme will resume zero-duty tariff concessions to all GSP-entitled products on retrospective basis with effect from 1 January 2011. Under the GSP programme, the US extends duty free market access for a wide range of products imported from 131 eligible developing countries, including Sri Lanka. The value of GSP-entitled exports by Sri Lanka to the US market continues to remain below US$ 200 million per year, while apparel products, the principal export item to the US market, fall outside the GSP benefits.

Pneumatic rubber tyres, plastic-based packing materials, rubber gloves, activated carbon, coir products, certain porcelain/china ware, rubber floor coverings, etc. are among the main Sri Lankan exports which benefit under the US GSP programme.