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Global designers to exhibit at Luxury Br…

Designers from Europe, Middle East and North America will exhibit at the upcoming Luxury Brands Carpet Show. The second edition of the curated Luxury Brands exhibition and designer carpet collection is scheduled to...

H&M to dress Swedish teams for Olymp…

Hennes and Mauritz Group (H&M) will dress the Swedish teams for the Winter Olympics and Paralympics in PyeongChang 2018. The company will create outfits for the opening and closing ceremonies. The collection will...

Saurer to show Allma TechnoCorder TC2 at…

Saurer Technologies GmbH & Co. KG Twisting Solutions, a leading provider of energy efficient solutions for tire cord, carpet, staple, glass filament, and industrial yarns, will present its Allma TechnoCorder TC2 innovative machine...

Cone Denim and Unifi launch S Gene with …

Cone Denim and Unifi have launched the latest in advanced stretch technology - S Gene with Repreve . Combining the advanced stretch technology of S Gene with the superior sustainability and performance of...

Shima Seiki to partake in Premiere Visio…

Leading computerised knitting machine developer, Shima Seiki Mfg., Ltd., is set to participate at the Premiere Vision show, a global event for fashion professionals, to be held in Paris, from February 13 to 15, 2018...

Measurably more productive and econom- i…

Even if the winding machine is only responsible for about 10-15% of the energy consumption (compressed air and electrical energy) when considering the classic ring spinning process, these criteria play an important role...

Wool to dominate at Intertextile Shangha…

Some 3,300 exhibitors from around 20 countries covering all apparel fabrics and accessories product groups are expected at the Spring Edition of the industry’s most comprehensive sourcing platform for the spring/summer season, Intertextile...

Global Trade of Home Textiles to touch U…

Home textiles, a major segment of overall textile industry, offers a wide range of categories such as furnishing fabrics, curtains, carpets, table covers, kitchen accessories, made-ups, bedspreads, bath linen, and other home furnishings...

Sri Lanka, China ink MoU to initiate FTA talks


Mr. Xi Jinping with Mr. Rajapaksa/c: MED (SL)

Mr. Xi Jinping with Mr. Rajapaksa/c: MED (SL)

(Sri Lanka)

A memorandum of understanding (MoU) on launching negotiations for free trade agreement (FTA) was among the 27 bilateral agreements and MoUs signed between Sri Lanka and China during the two-day official visit of Chinese President Xi Jinping to Sri Lanka this week.

The MoU on launching the negotiations for a China-Sri Lanka FTA was signed by Basil Rajapaksa, Sri Lanka’s Minister of Economic Development, and China’s Minister of Commerce Gao Hucheng.

Incidentally, President Xi’s visit was the first visit by a Head of State of China to Sri Lanka in 28 years.

Sri Lanka’s economy is growing at 7.8 percent this year and the China-Sri Lanka FTA, once finalized, is expected to provide a more balanced and sustainable development in bilateral trade and economic cooperation between the two nations.

While China is the world’s largest exporter of textiles and apparel, Sri Lanka is a manufacturing hub for lingerie, T-shirts and blouses. At present, Sri Lankan exports of textiles and apparel attract duty ranging from 14 percent to 25 percent in China, and if the free-trade deal fructifies, all textile and clothing items from Sri Lanka would be able to enter the Chinese market duty-free. This would also help some of the global apparel brands that have their manufacturing facilities in Sri Lanka, according to industry analysts.

PVH Corp (Phillips-Van Heusen), one of the top American apparel companies with 2013 revenue of US $8 billion, is already excited about the upcoming FTA. “We are very excited about the forthcoming Lanka-China FTA—having duty free market access to China is very important for us as an apparel sourcing firm and the benefits are great. … Having a production centre in Sri Lanka with duty free access to China market is very exciting for us. This is really exciting!,” Mr. Mark Green, the executive vice president of global supply chain of the New York-based company, told Rishad Bathiudeen, Sri Lanka’s Minister of Industry and Commerce, in Colombo, last month.

Textiles and garment exports, which account for 45.3 percent of the total Sri Lankan exports, grew by 25 percent year-on-year to US$ 446 million in June 2014, contributing more than 50 percent to the overall growth in exports in June 2014, according to the data from the Economics Research Department of the Central Bank of Sri Lanka.

In January-June 2014, Sri Lanka’s textiles and garments exports surged 20.6 percent to $2.412 billion, as against exports of $2 billion made during the corresponding period of last year.

In 2013, Sri Lanka’s earnings from textile and garment exports grew by 13 percent year-on-year to $4.508 billion, while its value of imports declined by 9.7 percent year-on-year to $2.045 billion. (RKS)


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