The European Commission has put forward a significant suggestion to extend the Generalised Scheme of Preferences Plus (GSP+) scheme for an additional four years. This proposal comes amidst the ongoing negotiations for the European Union’s new GSP+ arrangement.
In a recent tweet, the European Union delegation in Sri Lanka revealed that the European Commission’s proposal aims to extend the current scheme until December 31, 2027. The objective is to ensure that countries like Sri Lanka maintain preferential access to EU markets during the interim period.
For Sri Lanka, this extension proposal means continuity, as the country will continue to enjoy the same access to the European Union’s market and the same obligations to comply with 27 international conventions. These conventions play a crucial role in fostering not only a swift economic recovery but also an equitable, just, and environmentally sustainable one.
The current GSP+ scheme, which is set to expire on December 31, 2023, has been instrumental in supporting Sri Lanka’s trade with the EU. As one of the country’s major trading partners, the EU received approximately EUR 3.2 billion worth of Sri Lankan exports in 2022. The proposed extension offers hope for continued trade benefits and economic growth for Sri Lanka, providing stability and opportunities in an uncertain global landscape.