GSP+ restored in Sri Lanka, effective today
May 19, 2017 11:44 am
The GSP+ trade concession granted to Sri Lanka will be effective from today (19) onward.
The European Union has confirmed that Sri Lanka will be able to enjoy the trade concession until 2021.
GSP+ which was granted to Sri Lanka in the past was withdrawn in 2010 owing to accusations of human rights violations in Sri Lanka during the civil war.
Under the GSP+ trade concession, many products put forth to the export market from Sri Lanka will be exempted from duty.
Economists have predicted that as a result of this, Sri Lanka’s income from exports will rise in the near future.
According to statistics, about one thirds of Sri Lanka’s export commodities are exported to European countries.