Sri Lanka’s EU Exports Enhance To USD 3.1 Bn

Sri Lanka’s first ever European Union mandated GSP exporter listing call went live on the web yesterday with the launch of Sri Lanka Department of Commerce’ revamped website, doc.gov.lk. This for the first time also integrates the REX Registration system that will become mandatory requirement for all exporters to EU who want to claim the EU GSP Plus benefits.

Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen said that Sri Lanka’s total exports to EU increased to USD 3.1 billion in 2016 from 2015’s USD 3 billion out of which 60% of it are apparel exports. REX Registration system that will become mandatory requirement for all exporters to EU who want to claim the EU GSP Plus benefits –the zero tariffs-on their exports. Approximately 3,500 Lankan exporters are expected to register before the end of this year online, through this site.

It is not required for Lankan exporters who export to EU and want to claim GSP Plus benefits but their value of the export is less than Euros 6000. The REX registration is free of charge. Once the online documents are submitted, printed copies of the submission too should be sent to DoC by the exporter, after which the Department in Colombo, having conducted site and factory visits of the exporting company, will decide on awarding the unique ID number called REX Number (in the LK-REX [TIN] format). The exporter will hold as a verification number of him over the long term and would be able to provide to any EU importer for verification at importer’s end.

According to the DoC, there are more than 5,000 Lankan exporters registered with the Department to export under various trade agreements and facilities (such as FTAs, APTA, SAFTA, GSP Plus etc) and 3,500 of this are exporting to EU under GSP Plus facility, and who are now called to complete their listing on or before December 31, 2018, totally free of charge.

© 2017 Asian Mirror (pvt) Ltd