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Sri Lanka Equity Forum » Stock Market & Forum Help » Stock Market News » Sri Lanka to keep getting US, GSP trade benefits

Sri Lanka to keep getting US, GSP trade benefits

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 30, 2012 (LBO) - Sri Lanka will continue to receive preferential trade concessions after 'noteworthy efforts' were made by the state to address worker rights issue, US Trade Representative Ron Kirk has said.

Sri Lanka gets duty free export rights to 5,000 odd items including tires, activated carbon, rubber gloves, plastic products, and kitchenware valued at 135 million US dollar a year under a Generalized System of Preferences (GSP) to the US.

The scheme came under review after trade unions petitioned the US saying there were shortcomings in Sri Lanka's recognition of labour rights. The review has been closed with no change to benefits given to Sri Lanka, the US embassy said.

"The closure of the GSP country practice review of Sri Lanka was based on the Sri Lankan government’s noteworthy efforts to address worker rights issues over the past few years," US Trade Representative Ron Kirk said in a statement.

"This welcome outcome to the review demonstrates that GSP remains an effective tool for engaging GSP beneficiary countries on worker rights."

Sri Lanka's export processing zones were established in the late 1970s and early 1980s without union rights which were available elsewhere in the island, undermining rule of law.

A US embassy statement trade union facilitation centres have been established in three of the largest export processing zones, progress has been made in probing and resolving unfair labour practices cases.

Sri Lanka and the US will continue to engage on worker rights issue throug a newly established 'labour affairs committee' of the US - Sri Lanka Trade and Investment Council, the statement said.
http://lbo.lk/fullstory.php?nid=543360304

K.Haputantri

K.Haputantri
Co-Admin
Good news. ?What are the companies benifitted by this. Garments, rubber based products, what else?

sriranga

sriranga
Co-Admin
Sri Lanka gets duty free export rights to 5,000 odd items including tires, activated carbon, rubber gloves, plastic products, and kitchenware valued at 135 million US dollar a year under a Generalized System of Preferences (GSP) to the US.

http://sharemarket-srilanka.blogspot.co.uk/

Rizmi

Rizmi
Manager - Equity Analytics
Manager - Equity Analytics
Good for the economy..
Hope Honorable Minister Wimal Weerawansa wont go on a hunger strike protesting not to accept American GSP status . lol! Sleep

hashan2012

hashan2012
Manager - Equity Analytics
Manager - Equity Analytics
i think good news for OGL...................

traderathome

traderathome
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
good for the country........tjl may see some sharp movements in coming months with us consumer sentiments turning hawkish......hope to cash in on this one.... Very Happy let the market decide its direction... I love you

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