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| Sunday, 21 November 2004 |
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Bush' re-election boost for FTA pact by Elmo Leonard The re-election of the President of the United States, George W Bush enhances the chances of the proposed Free Trade Agreement between Sri Lanka and USA going through, Industries and Investment Promotion Minister, Anura Bandaranaike said. The Minister responded to the chairman of the Sri Lanka Apparel Exporters Association (SLAEA) Arumugam Sugumar's request to government, to forge trade links with its trading partners and ward off the threats of the scrapping of the Multi Fibre Agreement (MFA) end-year, under which the country's apparel exports are based. The global development of trading blocs have posed an additional threat, besides, the scrapping of the MFA, Sugumar contented at the AGM of the SLAEA held last week. The United States has been purchasing over 50 percent of Sri Lanka's apparel exports and the EU member nations is the second largest buyer. The SLAEA Chairman expressed his appreciation for government and the JAAF - Joint Apparel Association Forum for their successful negotiations with the European Union concerning GSP concessions for labour compliance amounting to 40 percent reduction in import duty on imports into EU from Sri Lanka. This is subject to the regional cumulation from SAARC countries satisfying the GSP criteria. Sugumar also expressed hope that the EU would favourably consider granting further substantial concessions including duty free benefits under a GSP scheme for the same regional cumulation. Minister Bandaranaike said that his recent visit to Brussels and the European Parliament would see such propositions realised. |
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