EU opens export market for 7000 Sri Lanka products under zero duty
By: Staff Writer
Colombo (LNW): Sri Lanka and the European Union (EU) are to further enhance cooperation and engagement in reviewing policy directives to expand trade, Foreign ministry sources said.
The EU side highlighted the features of the new GSP Scheme which will come into effect from the year 2024.
I has also highlighted the features of the new GSP Scheme which will come into effect from the year 2024. Sri Lanka is an applicant to the GSP Plus facility under the new Scheme which will enable Sri Lankan exporters to export more than 7000 products under zero duty to EU member countries for the next ten years.
Sri Lanka is an applicant to the GSP Plus facility under the new Scheme which will enable Sri Lankan exporters to export more than 7000 products under zero duty to EU member countries for the next ten years.
The EU acknowledged the progress made by Sri Lanka towards economic stability and attempts made to expand trade with the EU, and requested further cooperation and engagement in reviewing policy directives.
Currently, the EU is the second largest export market for Sri Lanka with a value of US$ 3 Billion in the year 2022.
Apparel exports dominate the export basket with a 54% share of exports in 2022. The other key export products are pneumatic tyres, tea, articles of apparel, tobacco and liquid coconut milk.
Exports from Sri Lanka to the EU dropped 9.81 percent to US$ 654.84 million in the first quarter of 2023 from a year ago, according to Export Development Board data.
The 11th Inter-Parliamentary consultations between Sri Lanka and the Delegation for relations with the countries of South Asia of the European Parliament (DSAS) were convened on 31 October, at the Sri Lanka Parliamentary premises.
A multi-party delegation led by Foreign Affairs Minister M.U.M. Ali Sabry, participated in an interactive discussion with the visiting EU delegation led by Finnish Member of the European Parliament (MEP) Heidi Hautala from the group of the Greens who is also Vice-President and the Rapporteur for New GSP Regulation of the European Parliament.
The discussion centred on matters related to bilateral cooperation in the context of further consolidating ties between the two legislatures.
Sri Lanka side apprised the MEPs of the current economic and political developments in the country and also on overall progress in reconciliation and human rights situation including proposed Anti-Terrorism Act (ATA).
The EU Co-chair Hautala welcomed progress in EU-Sri Lanka bilateral relations and briefed on issues of importance to the EU such as new climate friendly regulations being adopted in the EU (European Green Deal), Ukraine conflict, inflation in the European region and future EU integration.
The Sri Lanka delegation also highlighted the importance of GSP+ concessions which provides duty free access for Sri Lanka’s exports to the EU market and requested support of the European Parliament for continued access to the concessions.