SRI LANKA FACES TOUGHER CONDITIONS IN RETAINING GSP+

A great deal of work remains to be done by Sri Lanka to retain and expand its export market in the European Union (EU), which currently absorbs more than 24 percent of the country's total exports, Daily Mirror learns.

- By KELUM BANDARA IN BRUSSELS

Sri Lanka is presently under assessment by EU authorities for the extension of the GSP+ (Generalized Scheme of Preferences Plus) trade facility under the revised criteria to take effect after 2027. As part of the process, Sri Lanka's overall performance in implementing 27 international conventions that it has already ratified is being evaluated.

Sri Lanka regained the GSP+ facility in 2017 after it had been suspended in 2010, following the country's agreement to ratify and implement these conventions. However, the government will now have to meet a tougher set of conditions in reapplying for the facility under the new framework being introduced by the European Union.

The GSP+ is a special incentive arrangement for sustainable development and good governance that supports vulnerable developing countries which have ratified 27 international conventions on human rights, labour rights, environmental protection, climate change, and good governance.