The Department of Commerce, Colombo is pleased to inform the Sri Lankan business community that the US GSP Program, which came to a temporary halt at the end of 2010 due to some domestic concerns, has now been extended till the end of 2013 and the US President is expected to sign the Reauthorization bill into law shortly.
The GSP Program will be officially reinstated 15 days after the President signs the bill.
Once signed into law, the Program will resume zero-duty tariff concessions to all GSP-entitled products on retrospective basis with effect from 1st January 2011.
Under the GSP Program, the US extends duty free market access for a wide range of products imported from 131 eligible developing countries, including Sri Lanka. The value of GSP-entitled exports by Sri Lanka to the US market continues to remain below US $ 200 million per year, while apparel products, the principal export item to the US market fall outside the GSP benefits.
Pneumatic rubber tires, plastic-based packing materials, rubber gloves, activated carbon, coir products, certain porcelain/china ware, rubber floor coverings, etc. are among the main Sri Lankan exports, which benefit under the US GSP program.