Travel goods from Sri Lanka will enjoy duty-free entry to the United States, the Foreign Affairs Ministry said yesterday.
In a statement, the Ministry said bags, wallets and backpacks will enjoy duty free status after previously coming under a tariff of 6 to 20 percent. The statement followed a decision by the United States to approve the inclusion of travel goods from all GSP beneficiary countries among which Sri Lanka is one.
According to the ministry the consequences of the decision by the United States are far-reaching, with positive effects on the Sri Lankan economy a likelihood.
“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 US market, once again,” said the Ministry of Foreign Affairs in its statement.
The United States’ decision would benefit the Sri Lankan economy in other ways, the ministry said. “This development would bolster the local manufacturing industry and investments in this industry. It would also lead to the creation of new jobs in the travel goods manufacturing sector in Sri Lanka.”