UK to maintain strong trade ties with Sri Lanka post Brexit

The British Government says as it?leaves the EU, its aim is to avoid disrupting the strong trade relationship the UK has with Sri Lanka.

The Minister of State at the Department for International Trade, Lord Price, said that in the future the UK?will consider all opportunities to deepen the relationship with Sri Lanka and expand bilateral trade.

“I look forward to discussing this with the Sri Lankan Government at the meeting of Commonwealth Trade Ministers in London this March,”?Lord Price told the House of Lords.

Lord Price said the UK is delighted to see Sri Lanka’s economic growth forecast of 5.5%. He also noted that it is heartening that exports from the UK to Sri Lanka increased by 46% in 2015 and exports from Sri Lanka to the UK stood at ?1.1 billion.

“More than 100 UK companies have an affiliation in Sri Lanka. I am delighted that the UK Government are keen to support Sri Lanka moving to the GSP Plus scheme, which will remove tariffs on 66% of goods. At the Commonwealth meeting that we are holding next month we hope to think more about how we can strengthen those ties. There are no plans to have a trade envoy for Sri Lanka but we will continue to work with it to improve our trade relationships,” he said.

He noted that improving trade links with Sri Lanka and other Governments will lift people from poverty and bring a peace benefit. (Colombo Gazette)