Colombo, Dec 29 (newsin.asia) – The United States’ Generalized System of Preferences (GSP) program for Sri Lanka and other GSP beneficiary countries will expire on December 31 which means exports will be subjected to non-preferential duties from January 1, the US Embassy in Colombo said in a statement on Friday.
“The United States Congress did not re-authorize GSP before adjourning for the year. The immediate effect of GSP expiration is GSP eligible imports to the United States from Sri Lanka and other GSP beneficiary countries and territories will be subject to non-preferential duties beginning January 1, 2018,” the Embassy said.
The United States serves as the top export market for Sri Lanka. According to the Global Trade Atlas, in 2016, the United States imported $2.8 billion of Sri Lankan goods.