US, EU to reauthorize GSP Plus concessions to SL

 

The country has been integrated into the global economy this month with the United States and European Union emerging to reauthorize GSP Plus trade concessions to Sri Lanka, said Deputy Foreign Affairs Minister Ajith Perera.

“Sri Lanka lost its GSP Plus beneficiary status in 2013. The Generalized System of Preferences (GSP) plus facility, which enabled Sri Lankan economic operators to export their products to US and EU markets at zero tariffs and preferential rates, came to halt in mid 2013 as a result of Rajapaksa rule,” he said.

“This is definitely going to make a revolutionary change in the country’s economic sphere. It will boost the country’s ready-made garment sector and all other business sectors. It will generate jobs and diverse opportunities to prosper as a nation,” he said.

“The US has already given GSP Plus beneficiary status to Sri Lanka. US President Barack Obama signed it into law on June 29, 2015. It grants Sri Lankan products duty free access to the US markets,” he said.

“The European Union is going to follow suit,” he said.

“They too are eager to grant EU GSP Plus status to Sri Lanka. It will allow Sri Lankan economic operators duty free access to export their products to EU markets,” he said.

“I am positive that EU will have done this in a few weeks or in a few months,” he said.

“The EU removed GSP Plus concession on Sri Lanka in mid 2013. The GSP Plus is granted to developing countries with consideration to their achievements in the field,” he said.

“The European Union (EU) is looking forward to granting GSP Plus beneficiary status to Sr Lanka , based on its achievements in the field of human rights and good governance,” he said.