GSP facility to boost fish exports once again | Daily News

GSP facility to boost fish exports once again

The fisheries sector expects a significant growth with the re-authorised US Generalised System of Preference (GSP) to Sri Lanka effective from April 22.

Fisheries Minister Mahinda Amaraweera yesterday said that Sri Lankan fisheries exports will receive a 15 percent tax relief due to the re-authorised GSP facility.

“During the period of three years Sri Lanka lost more foreign exchange from the fisheries sector since the country did not receive any (GSP) facility. So if Sri Lanka continued to have this GSP facility from the US again, it would be immensely beneficial to further develop the growing fish export industry,” Minister Amaraweera said.

Last year, the country earned Rs 28,685 million by exporting around 18,262 metric tonnes of fisheries products.

US President Donald Trump re-authorised the US GSP facility for 120 beneficiary countries (which was not renewed in December 2017) when he signed the Bill on March 23.

According to the Fisheries Ministry sources, the US purchases more than 27 percent of Sri Lankan fisheries exports.

Minister Amaraweera further said that the re-authorization of the US GSP was possible due to the government’s commitment to the protection of human rights and the restoration of democracy.

Under the leadership of the President and the Prime Minister, the government has been able to restore Sri Lanka’s international image as well as strengthening its cordial relations with other countries, he added.


 

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