EU Council Of Ministers Restore GSP Plus For Sri Lanka

EU Council Of Ministers Restore GSP Plus For Sri Lanka
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The European Union’s Foreign and Trade Ministers Council has approved Sri Lanka’s application to regain the Generalised System of Preference Plus (GSP +) trade concession.

The Government’s Information Department said last night that the European Union (EU) Foreign Affairs Council had approved GSP plus for Sri Lanka.

This had been the last hurdle for the approval process to enter the biggest export market. Sri Lanka last month (April 28) secured a crucial vote at the European Parliament in Brussels and Sri Lanka’s application was referred to the 28-member European Union Council of Ministers for approval.

In granting the GSP+ facility, the EU’s Foreign Affairs Council said Sri Lanka has ratified and implemented measures contained in a number of international conventions on human and labor rights, environment protection and good governance.

“On this basis, Sri Lanka has become eligible to receive additional tariff preferences for sustainable development and good governance, in addition to the generalized scheme of tariff preferences benefitting to all developing countries,” the Council said.

The Deputy Foreign Minister Dr Harsha de Silva also confirmed the news in twitter and added: “It’s now done! Effective in less than 2 weeks.”

President Maithripala Sirisena also took to twitter to announce the decision and commend the hard work done to achieve it.

“Our exports to EU will be getting the GSP+ tax benefits within this month. Clear vision, sound policies and hard work pays off,” he wrote.

 

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