Government expects GSP plus trade concession early next year

State Minister of International Trade Sujeewa Senasinghe told Parliament today that the application for the GSP plus trade concession has already been presented to the EU.

He said that once Sri Lanka obtains GSP plus status again from the EU, Sri Lanka’s apparel sector is expected to see a massive improvement.

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 be in line to regain GSP plus.

Senasinghe said Sri Lanka is working with several countries as it looks to boost its economy and develop the country.

He said the Government was happy with the progress in its economic ties with China.

He said that some discrepancies which had been noted by the Government after it took office last year over deals signed with China had now been resolved.

Senasinghe said that China will be investing in an investment zone in Hambantota and in projects in other parts of the country as well.

He said that Sri Lanka has confidence in the Chinese leadership and will work with China in a manner which benefits both countries. (Colombo Gazette)