GSP+: EU will monitor Colombo from Friday

Sri Lanka will stand to gain from an export growth of Euros 300 million per year from Friday May 18 when the GSP +trade concessions to the bloc becomes effective.

The direct benefit to Sri Lanka would be an increase in exports amounting to Euros 300 million per year and Euros 1 billion in a few years helping in a reduction in the country's trade deficit, EU Ambassador for Sri Lanka and the Maldives Tung-Lai Margue said at a media briefing held at the embassy in Colombo this morning.
The EU is currently Sri Lanka's largest export market generating more than Euros 2.6 billion in revenue to the country last year alone.
He noted that certain areas of concerns remained like bringing in a new legislation for counter terrorism replacing the Prevention of Terrorism Act (PTA), the child rights on age of marriage, incidents of torture and the terms of reconciliation.

These among other matters relating to the 27 international conventions on human rights, labour conditions, protection of the environment and good governance would continue to be scrutinised, the Ambassador said. The first bi-annual report will be out in January. (SD)