PM welcomes EC's proposal to restore GSP+

Welcoming the decision by the European Commission (EC) that proposed to restore GSP+ concession, Prime Minister Ranil Wickremasinghe said today that it was the out come of ensuring the democratic rights of the people since new government took office two years ago.

Premier Wickremasinghe said that this victory of regaining the special facility is not solely by the "Good Governance" rule but for the entire nation. “This would give us access to EU market for our products once again and open new opportunities in home while fast tracking new foreign investments,”

EC earlier said that a significant part of the remaining import duties on Sri Lankan products should be removed by the European Union (EU) in exchange for the country's commitment to ratify and effectively implement 27 international conventions on human rights, labour conditions, protection of the environment and good governance.

EU is Sri Lanka's biggest export market accounting for nearly one-third of Sri Lanka's global exports. In 2015, total bilateral trade amounted to €4.7 billion. EU imports from Sri Lanka amounted to €2.6 billion and consisted mainly of textiles as well as rubber products and machinery.