LNP – EU team to arrive in Sri Lanka to review GSP+

A team from the European Union is scheduled to arrive in Sri Lanka in the latter part of April to review the Generalised Scheme of Preferences Plus (GSP+) trade concession.

The team will hold discussions with representatives of the government and local officials regarding the GSP+ trade concession and its conditions, said the Leader of the Opposition, Sajith Premadasa. Â

During a meeting held with representatives of trade unions, Opposition Leader Premadasa said the GSP+ concession plays a vital part in Sri Lanka’s apparel industry as 28% of the exports head to the EU market.      Â

Premadasa noted that the opposition will stand with the apparel industry and support the retention of the GSP+ concession.

He therefore requested the government to work towards complying with the conditions that will ensure Sri Lanka will continue to receive the GSP+ trade concession.

The GSP+ is a special incentive arrangement for Sustainable Development and Good Governance that supports vulnerable developing countries.

GSP+ countries are required to ratify 27 international conventions on human rights, labour rights, environmental protection and climate change, and good governance.

In order to ensure effective implementation of the conventions as well as compliance with reporting obligations, the EU engages in monitoring activities with the GSP+ countries including Sri Lanka. GSP+ beneficiaries can benefit from complete duty suspensions for products across approximately 66% of all EU tariff lines.