Business
EU GSP+ stands out as vital trade tool for Sri Lanka’s pandemic recovery
But ‘Rules of Origin’ viewed as diluting the objective
by Sanath Nanayakkare
EU’s GSP+ trade concession that reduces or eliminates tariffs on a range of exports from Sri Lanka, is one of the international trade tools Sri Lanka could better use in its effort towards post-pandemic recovery, Rajesh Aggarwal, Chief, Trade Facilitation and Policy for Business of International Trade Centre (ITC) said recently.
“The EU-Sri Lanka Trade Related Assistance project has published the GSP+ Business Guide which provides relevant information for exporters from Sri Lanka to gain awareness as to how to get the most from this preferential trade scheme,” he said speaking at a webinar on ‘GSP+ for Enhanced Market Access’, hosted by the EU-Sri Lanka Trade Related Assistance and the Department of Commerce in Sri Lanka.
Ananda Dharmapriya, Acting Director General of the Department of Commerce speaking at the webinar referred to the ‘Country of Origin’ criteria included in the GSP+ Business Guide.
” In this regard, the Sri Lanka apparel sector has submitted a joint request to the EU Commission for cross regional cumulation for raw material originate from Indonesia. A high-level discussion with the EU Commission to get approval for this joint request of Sri Lanka and Indonesia on regional cumulation for apparel products is an important matter that needs to be looked into in the near future. Further, we expect to make a formal submission to the EU Commission to source fabric from Vietnam, as Vietnam recently entered into a Free Trade Agreement (FTA) with the EU.
‘Although there has been a gradual increase in exports to the EU after regaining GSP+ from 2017, the utilisation of EU GSP+ by Sri Lanka was only 62% in 2019. Despite the fact that GSP+ has generally been observed as a beneficial platform, with over 7,000 product lines eligible for duty-free entry under the GSP+, Sri Lankan exporters are concentrating only on a few sectors due to the cost of compliance included in Country of Origin criteria, it was pointed out.
Dharmapriya pointed out that Rules of Origin were the key reason for this and it has nothing to do with a lack of awareness or willingness to benefit from the facility. “Utilisation of EU GSP+ by the apparel sector is only 52% as Sri Lanka’s apparels are made of fabric imports from outside the South Asian Association for Regional Cooperation (SAARC) and the EU region which are not eligible for EU GSP+ concession,” he said.
The cost of compliance involved with the Country of Origin criteria, which is excluded from the tariff concessions, was also highlighted as another reason for the under-utilisation of the GSP+ facility by Sri Lankan exporters.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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