The European Commission has proposed a 4-year extension to the current GSP+ scheme until December 31, 2027, allowing countries like Sri Lanka continued access to EU markets, it was reported.
According to the Delegation of the European Union to Sri Lanka, the extension has been provided as a result of ongoing negotiations between the co-legislators of the European Union regarding the new GSP+ arrangement.
The move ensures that countries, such as Sri Lanka, do not lose their preferential access in the interim.
The Delegation of the European Union to Sri Lanka further said that the extension of the tariff facility will grant Sri Lanka continued access to the EU markets with the same obligations under 27 international conventions.
“As one of Sri Lanka’s largest trading partners, w/ nearly EUR 3.2 billion worth of Sri Lankan #exports to the EU in 2022 alone, we recognise the importance of GSP+ for Sri Lankan exporters,” it added, taking to Twitter.
The Delegation of the European Union to Sri Lanka added, “ For Sri Lanka, the GSP+ extension proposal means that, for now, nothing changes – same access to EU market and same obligation to comply with the 27 international conventions, which are key to ensuring that #economicrecovery is not just fast, but also #fair, #just, and #green.”
The EU GSP Regulation to be adopted for 2024 – 2033, will be effective from 1 January 2024 for the next 10 years. (NewsWire)
🧵-1/3: Did you know that the current GSP+ scheme is set to expire on 31 Dec 2023?
As one of Sri Lanka’s largest trading partners, w/ nearly EUR 3.2 billion worth of Sri Lankan #exports to the 🇪🇺 in 2022 alone, we recognise the importance of GSP+ for Sri Lankan exporters.
— EU in Sri Lanka (@EU_in_Sri_Lanka) July 19, 2023
