Speaking at the association's annual general meeting, she urged exporters to look at new markets in India and China as demand from traditional Western markets was slowing down.
The EU has refused to extend the GSP trade deal from mid-August citing allegations of human rights abuses, charges rejected by the Sri Lankan government.
Sri Lankan exporters fear losing markets as the loss of duty free access will make their products more expensive than those of rival exporting countries.
Samarathunga said the loss of the GSP deal would be a serious setback for exporters at a time when demand had reduced owing to global recession.
She said that with exporters greatly dependant on international markets, making them vulnerable to external shocks, there was a "need to act fast to address key issues facing exporters.
"If not exporters will lose to competitors." The gradual strengthening of the rupee with large inflows of remittances from migrant workers and other capital inflows was making exporters uncompetitive, she said.
Exporters are urging the central bank to continue to intervene in foreign exchange markets to prevent the rupee appreciating further, she said.
The rupee has strengthened against the dollar in recent months and the central bank has been buying up dollars and building reserves to prevent further appreciation of the local currency.
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