ECONOMYNEXT – Sri Lanka must show progress in implementing its commitments on human rights to qualify for the GSP Plus trade deal giving duty free access to European markets, the European Union has said.
Sri Lanka’s application for access to the trade concessions under the EU’s Generalised Scheme of Preferences Plus (GSP+) was discussed at the latest meeting of the European Union – Sri Lanka Joint Commission in Brussels on 19 July 2016, a foreign affairs ministry statement said.
“The Joint Commission welcomed Sri Lanka’s application for access to the trade concessions under the EU’s GSP+ as a sign of Sri Lanka’s renewed commitment to meeting its wider international obligations,” it said.
“The EU drew attention to the importance of continued positive progress in fulfilling Sri Lanka’s stated commitments which need to proceed in parallel.”
The Joint Commission also agreed to resume the EU-Sri Lanka investment dialogue.
The European Investment Bank has announced that it was currently negotiating a €50 million (Rs8.2 billion) concessional loan with the government of Sri Lanka for Greater Colombo Wastewater Project.
The EU also plans to widen its 2014-2020 development programme (€210 million (Rs34.4 billion) beyond rural development to provide grants for reconciliation and good governance.
(COLOMBO, July 20, 2016)
Source: http://www.economynext.com
Updated On: july 20, 2016