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Lanka to continue to enjoy GSP post-Brexit
View(s):Sri Lanka will be among other developing countries currently in the European Union (EU) Generalised Scheme of Preferences (GSP) which will enjoy the same tariff preferences to the UK post-Brexit.
The UK government announced that removals and reductions of tariffs on goods from developing countries will continue after the end of the transition period. Accordingly, the UK’s GSP will cover all the same countries that are currently eligible for trade preferences under the EU’s GSP, allowing businesses to trade as they do now without disruption.
UK’s International Trade Secretary Liz Truss said that the scheme will also help British businesses to continue trading seamlessly after leaving the EU, as well as giving British consumers continued access to some of their favourite products at affordable prices.
The UK’s Department for International Trade indicated that imports from 47 of the world’s least developed countries, including Bangladesh and Malawi, will not face any tariffs – supporting their economic development through business and trade. Low-income and lower-middle income countries will benefit from lower tariffs compared to the UK Global Tariff.
In 2019, the UK imported approximately £8 billion-worth of textiles and apparel products from countries which are part of the EU GSP. This accounted for 30% of all textile and apparel imports into the UK. The UK also imported approximately £1billion-worth of vegetables from eligible countries, accounting for around 8% of all vegetable imports.