India Exempted Eight Million Garments And Clothing Tariffs From Sri Lanka

India's highest office in Colombo announced that the government and Commerce of India Spin During his visit to Sri Lanka in August 2012, the Sri Lankan government proposed the relaxation of the conditions of tariff quotas, that is, Sri Lanka purchased fabrics for 5 million ready exports to India every year in August 2012. clothing Conditions and strengthening cooperation between the two textile industries are aimed at reviving the textile industry in Sri Lanka. Anand Sharma has promised to consider these two requirements.

At present, the government of India has accepted the request of Sri Lanka to relax restrictions. India The conditions for purchasing fabrics from 5 million ready made garments are being exported, and the approval procedures for necessary cancellation conditions are being carried out in India. The relevant notice will be released in a few weeks. Once the India government has issued a notice, Sri Lanka will be able to export 8 million ready made garments to India in accordance with the India Sri Lanka free trade agreement with zero tariff.

According to the current ISFTA arrangement, India allows two categories of clothing quotas to export to India with zero tariff: 3 million garments need not be purchased from India, and 5 million garments can only be made from India fabrics. Sri Lanka has been able to make full use of 3 million clothing quotas in the past few years, but the quota utilization rate of the 5 million garments is only 10-15%.

In September 6, 2012, according to the revised SAFTA tariff system of the least developed countries in India, India announced a further reduction in SAFTA tariffs. The export tariff of Sri Lanka textile products was 5%, compared with the previous tariff of 11%. This will also promote Sri Lanka's ready-made clothing exports to India.