The Generalized Scheme of Preference Plus (GSP Plus), approved by the European Union Foreign and Trade Ministers Council for country, is set to become a reality soon for Sri Lanka, which has bagged approval from the EU on its application to obtain key trade concessions. This was informed by Sri Lanka’s Deputy Foreign Minister Harsha De Silva. “It’s now done. Effective in less than two weeks,” he tweeted.
It may be mentioned here that human rights violation in Sri Lanka cost the country losing its EU GSP Plus status in 2009. The new Government, which assumed office in 2015, began talks with the EU to regain GSP Plus and agreed to meet most of the conditions to obtain the facility. Sri Lanka reapplied for the EU GSP facility in June last year.
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Currently there are eight GSP+ beneficiaries among developing countries. The trade preferences will allow Sri Lanka to export more products to its biggest market accounting for nearly a third of the global exports.
