Export of travel goods from Sri Lanka will get duty free entry to the United States following a decision by the U.S. to approve the inclusion of travel goods from all GSP (General System of Preferences) beneficiary countries.
Sri Lanka, among other countries, were included in the expanded US General System of Preferences (GSP) scheme on July 1, the Sri Lankan Foreign Ministry said Friday in a statement.
The move would enable the duty-free entry of products such as bags, wallets and backpacks in to the U.S. market after being previously charged 6 to 20 percent of tariff.
"Following this concession, Sri Lanka's travel goods exports to the United States will have the potential to regain the market share previously enjoyed by Sri Lanka by making the country among top 10 suppliers to the U.S. market, once again," the Foreign Ministry said.
Production of travel goods in Sri Lanka provides livelihood to a considerable number of men and women at the grassroots level and this development would bolster the local manufacturing industry and investments in this industry, the statement said.