No negative impact over GSP+ loss

by Shirajiv SIRIMANE

Sri Lanka has a major share of the global apparel niche market and the loss of GSP plus concession would not have a major negative impact for the country said the former President of the Bangladesh Apparel Association and President SAARC Chamber of Commerce and Industry, Annisul Huq.

Speaking to 'Sunday Observer' he said that Sri Lanka has been selected to produce exclusive brands and labels such as Victoria's Secrets and many other such brands which are patronized by the high society in Europe and UK.Commenting on the Bangladesh market he said three million people are employed in this sector and bulk of their exports are garment finished products. He said that their market is for mass production and for them GSP plus concession was important.

Commenting on the SAARC region he said that though 23 percent of the world land is occupied by the region, its still to unleash its full potential. "Out of the world trade NAFA (American) EU and Asian region excluding the SAARC account to nearly 90 percent of global trade," he said.

He attributed political differences of major South Asian countries as the main stumbling block for the regions development.

"Many regional trade blocks in other continents are on the way of total economic integration following the path of European Union. Therefore SAARC countries need to move faster." "We are trying to minimize politics in entrepreneurship so that regions trade can forge ahead," he said. He said that the private sector in the region is surging ahead and this is a major positive sign for the development in the region. In Sri Lanka too the Federation of Chamber of Commerce and Industry is playing a major role in talking to the government and ironing out issue related to the private sector.

He stressed the importance of improving cross border physical infrastructure and freedom of movement across borders through the adoption of a flexible visa regime. "A common currency for the region too is some thing that has to be considered," he said.President of Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) Kosala Wicramanayake speaking at the "Roundup on 16th SAARC Summit, held on Thursday at Cinnamon Grand, said that it was pleasing to that the SAARC region is growing and getting stronger.

This conference was jointly organized by SAARC Chamber of Commerce & Industry, Federation of Chamber of Commerce & Industry of Sri Lanka (FCCISL) in partnership with Friedrich-Naumann-Stiftung die Freiheit.