EU extends GSP+ concessions to Sri Lanka for another six months

 Jun 21, Colombo: The European Union is reportedly impressed with the post-war development in Sri Lanka, especially in the former conflict-affected areas and has decided to extend its tariff concession to Sri Lanka for another six months, the government-run radio said today.

State-owned Sri Lanka Broadcasting Corporation (SLBC) announced today that the EU has officially informed the government of its decision to extend the Generalized System of Preference plus (GSP+) trade facility for another six months.

The EU has praised measures taken by the Sri Lankan government to enhance development in the northern and eastern provinces.

The European Union citing Sri Lanka's alleged human rights violations has decided to suspend the GSP+ tariff concession in February this year. The EU gave six months to allow the manufacturers and traders to adjust to the new rules and to Sri Lankan government a fair opportunity to get the decision reversed.

Sri Lanka responded to the suspension saying that there was no valid reason for the European Union's to suspend the GSP+ privilege to Sri Lanka under the present situation in the country but the loss will not have a huge impact to the country.

However, Sri Lankan government sent a high level delegation to Brussels to hold discussions with the EU on the GSP+ facility last month. The delegation comprised External Affairs Minister Prof. G. L. Peiris, Foreign Secretary Romesh Jayasinghe, and Sri Lanka's Ambassador in Brussels Ravinath Aryasinghe.

The decision by the European Union to extend the GSP+ concession is seen as a positive sign for Sri Lanka's economic growth, especially benefitting the employees of Sri Lanka's apparel production sector.

source - http://www.colombopage.com