Sri Lanka trade preferences to be extended by the US

Dilshan Wirasekara, Chief Executive Officer of First Capital Treasuries PLC

Oct 19, 2011 (LBO) – Trade preferences given to Sri Lanka will be extended until the end of 2013 helping more than 200 million dollars of exports to enter the United States with no import duties, the island’s commerce department said. The statement said a bill to resume the preferences is expected to be signed into law by the US president and Sri Lanka is expected to benefit with retrospective effect from January 2011.

Pneumatic rubber tires, plastic-based packing materials, rubber gloves, activated carbon, coir products, porcelain ware and rubber floor coverings, benefit from the move.

The US generalised system of preferences (GSP) was temporarily halted in 2010 and was expected to be renewed.