Sri Lanka has a major share of the global apparel niche market and the loss of GSP plus concession would not have a major negative impact for the country, the former President of the Bangladesh Apparel Association and President of the SAARC Chamber of Commerce and Industry, Annisul Huq said.

Speaking to 'Sunday Observer' he said that Sri Lanka has been selected to produce exclusive brands and labels such as Victoria's Secret and many other such brands which are patronized by the high society in Europe and UK.

Commenting on the Bangladesh market he said three million people are employed in this sector and the bulk of their exports are garment finished products. He said that their market is for mass production and for them GSP plus concession was important.

He said that the SAARC region occupied 23 percent of the world and is still to unleash its full potential. He attributed political differences of major South Asian countries as the main stumbling block for the regions development.

"Many regional trade blocks in other continents are on the way to total economic integration following the path of the European Union. Therefore SAARC countries need to move faster. We are trying to minimize politics in entrepreneurship so that regions trade can forge ahead," he said. He added that the private sector in the region is surging ahead and this is a major positive sign for the development in the region. In Sri Lanka too the Federation of Chamber of Commerce and Industry is playing a major role in talking to the government and ironing out issue related to the private sector.

He stressed the importance of improving cross border physical infrastructure and freedom of movement across borders through the adoption of a flexible visa regime. "A common currency for the region too is something that has to be considered," he said.