SRI LANKA: Industry keen on FTA with US

COLOMBO: The Apparel Exporters Association Chairman, Arumugam Pillai Sukumaran said that the future of the country's apparel industry depends on the proposed Free Trade Agreement (FTA) with the United States.

The united states has been the biggest customer of country's textile and garment, but with the Multi-Fiber Agreement expiring soon revenues are expected to fall by 20%.

Sukumaran requested Industries and Investment Promotion Minister, Anura Bandaranaike to accord the highest priority of the government to successful conclusion of negotiations with the US authorities.

He said Sri Lanka needs to forge special links with its trading partners to counter the trading blocks posed on the apparel industry, and the proposed FTA with America is one such example.

"Another great concern for our industry is building competitiveness in the global market place" Sukumaran said, adding "increasing productivity is one of major factors in enhancing competitiveness."

The United States has purchased an annual average of some 2.5 billion US dollars of garment and textile from Sri Lanka since the two countries signed the Multi-Fiber Agreement in 1974.

Overseas shipments of textiles and garments comprise 50 percent of Sri Lanka's total export earnings.

Since 2002 Sri Lanka has been seeking a FTA with US mainly to protect the market for garments, but such an agreement will not happen anytime soon no matter who wins the presidency.

Send your News/Releases for publication to [email protected]
Added: November 25, 2004 Source: Agencies
Start script - 1513026550.4652 Start news id check - 1513026550.4652 After news id check - 1513026550.4657 After cookie_code - 1513026550.8966 Before news detail - 1513026550.8966 After news detail - 1513026550.8972 Start cat select - 1513026550.8973 After cat select - 1513026550.8975 before preg replace - 1513026550.8975 After preg replace - 1513026550.8976 Before tag engine - 1513026550.8976 After tag engine - 1513026550.9012 Before mptt engine - 1513026550.9012 After mptt engine - 1513026550.9012 Before related engine - 1513026550.9012 After related engine - 1513026550.9034 Before update hits - 1513026550.9035 After update hits - 1513026550.9036 After update news_hits - 1513026550.9041 After mem_only_views - 1513026550.9041 -------------------------------------------------- Total Exec time:- 0.43899989128113
AddThis Social Bookmark Button   Tell a friendBookmark AddThis Feed Button
Related News:

Website design by InWiz • © - 2000-2017. Internet Wizards All rights reserved. About usTerms & ConditionsDisclaimerPrivacy policy • 11-12-2017