{"id":48524,"date":"2015-10-07T19:53:01","date_gmt":"2015-10-08T01:53:01","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=48524"},"modified":"2015-10-07T12:38:31","modified_gmt":"2015-10-07T19:38:31","slug":"the-curse-of-depending-on-usa-for-exports-sri-lanka-suffers-from-tpp","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2015\/10\/07\/the-curse-of-depending-on-usa-for-exports-sri-lanka-suffers-from-tpp\/","title":{"rendered":"The Curse of Depending on USA for Exports: Sri Lanka Suffers from TPP"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em> Dilrook Kannangara<\/em><\/span><\/h2>\n<p>Twelve countries finally signed the Trans Pacific Partnership (TPP) agreement headed by USA. Japan, Vietnam, Malaysia, Singapore,\u00a0Mexico, Canada and Australia are other noteworthy\u00a0members. They will be almost totally reducing tariffs on key traded\u00a0items.<\/p>\n<p>The biggest winners of TPP are Vietnam and Malaysia. The biggest losers are Bangladesh, Sri Lanka, Pakistan, Cambodia and China. Sri Lanka\u2019s share of US apparel imports is expected to fall by 0.2% from 1% to 0.8%. Although they look small in terms of US trade, it is a drop of 20% (1% to 0.8%). With more than 22% Sri Lanka\u2019s exports going to USA which is the island nation\u2019s largest export destination, a 20% drop will be devastating. It will be about $350 million or 0.5% of the GDP.<\/p>\n<p>It will not be like NAFTA which ruined many garment factories in the mid 1990s but eventually stabilised as Sri Lanka had a still lower cost of production. Surviving TPP will be nearly impossible unless Sri Lanka too joins the TPP.<\/p>\n<p><a href=\"http:\/\/www.cnbc.com\/2015\/07\/28\/winners-and-losers-in-the-worlds-biggest-trade-deal.html\">http:\/\/www.cnbc.com\/2015\/07\/28\/winners-and-losers-in-the-worlds-biggest-trade-deal.html<\/a><\/p>\n<p>This will worsen Sri Lanka&#8217;s already precarious debt situation and balance of payment crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dilrook Kannangara Twelve countries finally signed the Trans Pacific Partnership (TPP) agreement headed by USA. Japan, Vietnam, Malaysia, Singapore,\u00a0Mexico, Canada and Australia are other noteworthy\u00a0members. They will be almost totally reducing tariffs on key traded\u00a0items. The biggest winners of TPP are Vietnam and Malaysia. The biggest losers are Bangladesh, Sri Lanka, Pakistan, Cambodia and China. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":["post-48524","post","type-post","status-publish","format-standard","hentry","category-dilrook-kannangara"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/48524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=48524"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/48524\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=48524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=48524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=48524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}