According to a report by Sri Lanka’s “Daily Mirror” on November 9, during the recent India-Sri Lanka Business Summit, Sri Lankan apparel companies represented by MAS and Brandix stated that during the Against the backdrop of sluggish demand in major global markets, in order to promote apparel exports, major Sri Lankan apparel companies are focusing more on the Indian market and calling on the government to increase apparel export quotas to India to promote bilateral trade.
According to the bilateral free trade agreement, Sri Lanka can currently export 8 million pieces of clothing to India duty-free. Sri Lanka’s decline in global apparel market share is accelerating as competitors have more advantageous market access arrangements. According to statistics, Sri Lanka’s clothing exports from January to September were only US$3.4 billion, a year-on-year decrease of 20%, of which garment exports to the United States, the European Union, and the United Kingdom were US$1.36 billion, US$1 billion, and US$480 million respectively. </p
