Thursday Dec 12, 2024
Thursday Dec 12, 2024
Monday, 6 July 2015 00:00 - - {{hitsCtrl.values.hits}}
The Department of Commerce announced yesterday that the US President had restored the US Generalized System of Preferences (GSP) with effect from 29 June 2015 for a number of countries including Sri Lanka.
The US President signed HR 1295 into law on 29 June 2015, reauthorising the US GSP program until 31 December 2017, providing preferential duty-free entry into US market for nearly 5,000 products from 122 designated beneficiary countries and territories, including Sri Lanka.
The Embassy of Sri Lanka in Washington DC was an active member of the Alliance of GSP countries which joined other US stakeholders in advocating early renewal of the US GSP program.
In 2014, the United States imported US $ 178 million worth of goods from Sri Lanka under the GSP program, demonstrating a 12.5% increase compared to 2013.
The US Congressional authorisation for the GSP program expired on 31 July 2013 and the reauthorisation will be effective from 29 July 2015.
With the reauthorisation of the US GSP program, US importers are eligible to claim import duty paid by them for eligible products under the US GSP program during the lapse in GSP coverage from 31 July 2013 with retrospective effect.
Accordingly, Sri Lankan exporters gain duty free access to eligible products under the US GSP program.
The principal export items of Sri Lanka to the United States under the GSP program include pneumatic rubber tires, plastic-based packing materials, rubber gloves, activated carbon, coir products, certain porcelain, chinaware, rubber floor coverings, etc.
