Sri Lankas federal government formed a working group aimed at assessing the consequences of the United States tariffs on Sri Lanka items, which will affect its fashion export sector.JAAF, whose members include the Sri Lanka Apparel Exporters Association and the Fabric and Apparel Accessory Manufacturers Association among others, has actually thrown its full assistance behind this initiative.The job force remains in the process of crafting a proposal slated for submission to President Anura Kumara Dissanayake.JAAF secretary basic Yohan Lawrence stated: We appreciate the urgency with which the Government has reacted.
We are working carefully with the pertinent authorities to identify a positive path forward that also remains consistent with Sri Lankas continuous IMF programme.With over 40% of its exports heading to the United States, a figure exceeding $5.5 bn in 2023, Sri Lanka thinks about the United States its most vital apparel export destination.The policy, enacted by United States President Donald Trump on 2 April institutes an instant standard tariff of 10% on all imports into the US, which began on 5 April.Subsequently, on 9 April, this rate will intensify for each country based upon the United States administrations assessment of Tariffs charged into the USA.For Sri Lanka, this implies a boost from the standard to an incredible 44%.
The apparel industry fears that this might substantially interrupt the nations main export domain.However, it preserves a steadfast dedication to principles such as ethical production, transparency, and sustainable practices.This tariff is considerably higher than what our regional rivals deal with.
We might see a quick shift in US sourcing far from Sri Lanka, which would be extremely hard to recover from, Lawrence stated.Meanwhile, Sri Lankan officials have actually affirmed their preparedness to engage with the US to strengthen trade ties.A declaration from the Ministry of Finance, Planning and Economic Development checks out: We are committed to considerably lower tariff and non-tariff barriers that prevent trade and investment.-- Agencies