Exporters will fall victim to the withdrawal of the United Kingdom (UK) from the European Union (EU) by the end of this year.
Sri Lanka will face challenges in losing bilateral cumulation facilities from the UK under Brexit by the end of this year,” Department of Commerce Acting Director General Ananda Dharmapriya said recently at a webinar titled ‘GSP+ for Enhanced Market Access’ organised by the International Trade Centre (ITC) in collaboration with the Department of Commerce.
He also pointed out that raw materials from the UK would no longer qualify under the GSP+. “This is challenging for exporters that are already battered by the COVID-19 pandemic,” he said.
The UK left the EU on 31 January after 47 years of membership and became the third country in accordance with the withdrawal agreement under the Brexit process. The ongoing transition period for Brexit to work out the future relations of the EU and the UK will end on 31 December.