Sri Lanka's apparel industry has lowered its export target to adjust for the delay in granting of preferential trade tariffs (GSP+).
“Actually, we were expecting GSP Plus to come earlier and we needed to revise the target based on the changes in economic conditions,” the chair man of Sri Lanka Apparel Exporters’ Association (SLAEA) Felix Fernando was quoted by the Daily Mirror as saying.
The SLAEA had previously set a target of reaching $8.5 billion exports by 2020.
Mr Fernando added that Brexit would have a negative impact on Sri Lanka's apparel industry, unless the countries entered a trade pact.
“Of the exports to the EU, 43 percent goes to the UK. With the uncertainties around Brexit, the Sri Lankan authorities need to talk to the UK counterparts and we are not certain if both the countries will continue to offer the same trade facilities. Due to these uncertainties, it is imperative that we consider the other EU countries and especially Germany, where our presence is limited,” Mr Fernando added.