GSP plus talks to commence in Brussels next week

GSP-puls_CI-400x264Prime Minister Ranil Wickremesinghe said that he will be traveling to Brussels shortly for the Generalized System of Preferences (GSP) plus negotiations, Lanka Business Online reported.

“I am traveling to Brussels on Saturday to begin talks on restoring GSP plus,” Wickrememsinghe said at the inauguration of the World Export Development Forum in Colombo, Wednesday.

“Sri Lanka and Bangladesh were given GSP plus around the same time but we gave it up. Bangladesh kept it and experienced fast export growth.”

Sri Lanka submitted its application to the EU to regain its lost trade concessions, GSP plus mid this year. A visiting EU delegation in January this year highlighted that it would take a period of at least 10 months to regain trade concessions.

These trade concessions have been linked to the country’s compliance with human rights and labour rights conventions.