News

Committee to study Brexit impact, new deals with Asia

28 Jun, 2016

Prime Minister Ranil Wickremesinghe?has appointed?a committee to study the impact Brexit will have on Sri Lanka and the remedial measures the country must take, Deputy Foreign Minister, Dr. Harsha de Silva said.

He said?the withdrawal of Britain from the EU, popularly known as ?Brexit?, will hurt Sri Lanka?s economy.

?We will strengthen trade ties with Asia. We need to expedite the proposed trade agreements with China and India,? he said.

Britain is one of Sri Lanka?s biggest export markets and the country was hoping to improve trade with the UK under the EU GSP plus trade concession.

Dr. Harsha de Silva said that Sri Lanka will this week formally submit its application to regain GSP plus from the EU, but since the UK will now be out of the EU, Sri Lanka will look to sign a new free trade agreement with Britain.

?We are now confident of getting back GSP plus but since UK will not be in the EU we are studying the possibility of signing a free trade agreement with the UK,? Dr. Harsha de Silva said.

Sri Lanka lost the EU GSP plus trade concession when the former Government was in office over human rights related issues but the new Government which took office last year has met most conditions to regain GSP plus.

Dr. Harsha de Silva said Sri Lanka needs to cushion the impact Brexit will have on the country so it will push to agree on trade deals with several Asian countries including India, China, Singapore, Pakistan, Korea and Japan. (Colombo Gazette)

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