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Home Business & Finance Economic Policies

Sri Lanka stocks close up, ASPI continues to climb todayheadline

December 9, 2024
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ECONOMYNEXT – Sri Lanka’s Joint Apparel Export Association Forum said it has tied up with Solidaridad, a civil society organization, to help companies meet European Union supply chain rules on human rights.

“Sri Lanka has always been ahead of the curve in meeting global standards,” JAAF secretary general Yohan Lawrence said. “Our partnership with Solidaridad are critical steps in enabling Sri Lankan industries to adapt to changing global trade norms.”

As part of the efforts, a workshop was held to address the European Union’s Corporate Sustainability Due Diligence Directive (CSDDD).

The workshop provided local businesses with insights into risk assessment, sustainability metrics, and due diligence reporting.

“By aligning with the CSDDD, we can secure our place as a key player in the global market.”

The CSDDD, introduced last year, requires companies in EU-bound supply chains to meet stringent environmental and human rights standards.

While Sri Lankan suppliers are not directly mandated to comply, aligning with these standards is essential to remain competitive in the EU
market, which accounts for 30 percent of Sri Lanka’s apparel exports, JAFF said in a statement.

Italy, Germany, the Netherlands, and France represent over 80 percent of these exports, underscoring the importance of compliance.

An agreement was signed at the workshop between JAAF and Solidaridad, establishing a partnership to guide Sri Lankan suppliers in meeting the CSDDD requirements.

The event was attended by Deputy Head of Delegation for the EU to Sri Lanka and the Maldives Lars Bredal, and Deputy Head of Mission for the Kingdom of the Netherlands Iwan Rutjens.

Shahid Sangani, Secretary, FAAMA

JAAF emphasized the importance of collaboration to support the apparel sector in understanding and implementing these new standards and thanked Secretary of FAAMA Shahid Sangani, for their support in working behind the scenes on the program. (Colombo/Dec9/2024)


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