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Sri Lanka’s GSP+ status in effect now

The much anticipated GSP+ concession, which Sri Lanka regained from the European Union, comes into force from today, May 19. The Generalised System of Preferences (GSP) is a preferential tariff system awarded to developing nations such as Sri Lanka, to export goods to European markets at lower tariff rates. Under this tariff system, Sri Lanka has the opportunity to export 6,200 items to the European Union, tax free.

Following the devastating 2004 Boxing Day Tsunami, Sri Lanka was awarded the GSP+ concession for a period of three years, however, the lack of progress by the earlier government in twenty-seven international agreements, including the fields of human rights, labour laws, environment conservation and good governance led to Sri Lanka losing the GSP+ concession on the 15th of August 2010. The GSP+ consession which comes into effect, will be implemented until 2021.The 9.6% duty charged when exporting garments to the EU, will now be removed. Around 33% of Sri Lanka’s exports are directed to the European Union.

A number of exporters held discussion with Prime Minister Ranil Wickremesinghe with regard to the decision made by the EU.

 
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