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| Sunday, 25 July 2004 |
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SAARC and ASEAN join to enhance EU market SAARC and ASEAN countries will work together to enhance their market share in Europe once the Multi Fibre agreement expires next year. The proposal was made by Sri Lanka to the SAARC Ministerial Council meeting held in Islamabad last week. It has been approved and SAARC Committee on Economic Corporation is now studying how the countries of the two organisations can work together. Committee on Economic Corporation will study the issue and submit a report at its meeting in November this year. Under the Super Cumulation Scheme of EU the SAARC and ASEAN countries will be considered as a single group for regional tariff benifits. The Sri Lankan apparel exporters will therefore be able to source fabric from both SAARC and ASEAN countries thus expanding fabric sourcing to 16 countries. This will provide greater flexibility to the apperal industry to be more competitive in accessing the EU market after January 1, 2005. |
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