The European Commission has suggested a four-year extension to the Generalised Scheme of Preferences Plus (GSP+) for Sri Lanka.
With negotiations underway for the EU’s new GSP+ arrangement, it has recognised the significance of the GSP+ scheme for Sri Lankan exporters.
The European Union (EU) delegation in Sri Lanka emphasised its importance as one of the country’s largest trading partners.
With nearly EUR 3.2 billion worth of Sri Lankan exports to the European Union in 2022 alone, the EU recognised the value of the GSP+ scheme in facilitating trade between the two parties.
As negotiations for the new GSP+ arrangement are still in progress, the European Commission proposed extending the current scheme for an additional four years, till 31 December 2027, to ensure that countries like Sri Lanka do not lose their preferential access to the EU market during this interim period.
The EU delegation, taking to Twitter, stated that the proposed extension means that, for now, nothing changes for Sri Lanka.
The country will continue to benefit from the same level of access to the European Union’s market, along with the obligation to comply with the 27 international conventions that are integral to ensuring a robust and sustainable economic recovery, it said.
The EU delegation emphasised the importance of a recovery that is not only rapid but also fair, just, and environmentally conscious.
