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Sri Lanka begins process to regain EU trade concessions

Staff writer |
Sri Lanka began the process to reapply for key trade concessions from the European Union (EU) which had been suspended over various concerns.

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A high level delegation from the EU visited is Sri Lanka to discuss with its government on the GSP Plus trade concessions which had been withdrawn from Sri Lanka during the previous regime.

A joint statement by Sri Lanka and the EU said that the EU-Sri Lanka Working Group on Trade and Economic Cooperation met in the capital Colombo on Tuesday and discussed issues related to promoting bilateral trade and investment.

In particular they started the process that may lead to the re- admission of Sri Lanka to the status of GSP Plus under the European Union's new GSP regulation, the statement said.

They also discussed bilateral matters related to investment facilities, import duties and fishery exports from Sri Lanka to the EU.

Bilateral trade between EU and Sri Lanka exceeded the $5 billion mark for the first time in 2014 by earning $5.07 billion. Apparel was the biggest export item in 2014 at 2.16 billion dollars growing by 10.5 percent.

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