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Sri Lanka re-applies for key trade concession from EU

Xinhua, June 17, 2016 Adjust font size:

Sri Lanka has formally re-applied for the Generalized System of Preference (GSP) plus trade concession from the European Union (EU), the government said Friday.

Deputy Foreign Minister Harsha de Silva said Sri Lanka hopes Britain will remain in the EU as almost 40 percent of Sri Lanka's exports to the EU is to British market.

"If UK is not a part of the EU, we will lose the duty free benefit. True, if UK exits, then we could renegotiate a FTA with the UK, but they will have to do a whole series of FTAs with European nations and others before they get to us. That will certainly take a long time," he said.

Sri Lanka lost the EU GSP plus when the former government was in office for failing to meet several conditions related to human rights.

The new government, which took office last year, gave a commitment to meet the expectations from the EU and implemented some legal amendments in order to regain GSP plus. Endit