Re-Authorized US GSP for Sri Lanka Effective from Today
The re-authorized US generalized scheme of preferences will be reinstated for Sri Lanka today. The renewed US GSP Scheme will be valid until 31 December 2020.
The GSP facility that was granted for several countries including Sri Lanka expired on the 31st of December.
US President Donald Trump re-authorised the US GSP facility for 120 beneficiary countries including Sri Lanka when he signed the US Omnibus Spending Bill on the 23rd of March 2018.
The US is the leading buyer of Sri Lankan exports over the years and it continued its lead last year.
Sri Lanka’s total exports to the US last year recorded a $3 billion threshold at US$ 2.9 Billion.
However US importers are eligible to claim Customs duties they had to pay during the period of inactive GSP from the 1st of January 2018 to the 22nd of April 2018 due to the retroactive effect of US President’s renewal.
Sri Lanka is expected to gain a number of benefits through the enactment of the GSP scheme.