Sri Lanka’s apparel sector is growing at 5.7 per cent while the textile sector is growing at 1.6 per cent. Sri Lanka earned more than $5 billion from apparel exports in 2018. The aim now is to enhance apparel exports especially to countries like India. Exporters feel bilateral FTAs are an ideal tool for market penetration to these countries.

The United Kingdom is positively considering the continuation of preferential treatment related to the EU GSP scheme for developing countries, including Sri Lanka, even after Brexit.

Sri Lanka hopes Brexit will not result in a disruption of trade with the UK. In addition, the industry in Sri Lanka looks forward to the right business environment, a decisive policy frame work with consistency and predictability on the fiscal regime, a proper trade policy and monetary policy, a shipping policy draft, a new procedure for monitoring of export proceeds, prompt export releases, all directed toward marketing the country’s products.

As of now the industry faces issues like ad hoc policies, a lack of consultative processes, no advance notice on cost increases, inability to adjust existing contractual obligations to new cost structures, and non-recognition of the importance of credit facilities given to buyers to sustain market access.