SL should explore other trade opportunities while negotiating with US on tariff: Industrialist

Arti Bhagat

By Yohan Perera

Sri Lanka should explore other trade opportunities while giving importance to negotiating with the USA for a tariff reduction, an India-based industrialist said.

“Sri Lanka is impacted with high tariffs. Backdoor dialogue and diplomacy by the government is being channelized in both countries to reduce it. While the US market can’t be ignored, exploring other trade opportunities is crucial. Realignments are happening, and markets are evaluating how to diversify exports to other trading blocs like BRICS, which is aligning to zero tariffs, and EU, which is encouraging Developing Countries Trade Schemes (DCTS),” Worldex India Exhibition and Promotion Private Limited Managing Director Arti Bhagat told a media briefing.

 “The industry is cautious in its business dealings and investments, as revenues have been impacted due to uncertainty from tariffs, geopolitics, and escalated trade wars,” she added.

 Bhagat made these remarks at a briefing held to announce the decision by Worldex India to hold the 10th South Asia Exhibition Industrial Textile Sourcing Show at BMICH Colombo from August 6 to 8.

She said industrialists from 15 countries including India, Taiwan, Hong Kong, Korea, Thailand, Vietnam and Pakistan will be participating in the event.

 “This year, the show has doubled in size from last year, making it the biggest show in Sri Lanka and across the South Asia region. Along with international suppliers, for the first time, we have a Korea Pavilion organized by KOTRA Colombo and Korea Textile Trade Association (KTTA). We also have a first-time Indonesian Pavilion, supported by the Indonesian Embassy and the Indonesian Textile Association (API). 

Also, we are very pleased to share that the Fabric and Apparel Accessory Manufacturers Association (FAAMA) is forming a Sri Lankan Pavilion highlighting the textile strengths of the country. The mix of international suppliers is diverse and interesting — from high-performance fabrics, smart textiles, sportswear, knitwear, to cotton and cotton blends and synthetics everything is available under one dedicated platform,” she added.

 “Alongside our exhibition, we also focus on organising seminars highlighting important topics relevant to the industry to enrich the knowledge of delegates on future trends and current challenges,” she added.

She said the Sri Lankan industry stakeholders, Export Development Board (EDB), along with Joint Apparel Association Forum (JAAF) and its member associations are supporting them to organise the show.