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Nepal:Apparel exporters relieved as EU extends GSP |
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2005-1-26
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The Generalized System of Preference (GSP) to Nepalese textiles and apparels has been extended by The European Union (EU) for additional period of two years till 2006.
Least Developed Countries (LDCs) like Nepal have been allowed quota-free and tariff-less access on all imports including textiles and apparels since 2001 to the European Union under the Everything But Arms (EBA) initiatives.
Nepal will also continue to enjoy derogation from the EU GSP Rules of Origin for apparels allowing it greater flexibility in choosing raw materials. After the offering of this facility, EU’s share of garment exports from Nepal had grown substantially in the last couple of years.
At present, EU share of Nepalese apparel exports stands at about 17 percent. Ending of the MFA had Nepalese apparel exporters uneasy with the American market scenario as it lifts 80 percent of their exports.
Extension of GSP is not only good news for the exporters but along with derogation facility, the EU market might earn the Nepalese exporters extract higher value for market diversification and sustainability. |
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