A number of changes will be made to the country’s economy through the European Commission’s grant of GSP+ concessions to back to Sri Lanka, Finance Minister Ravi Karunanayake says.
He said this whilst attending an event in Pannala area yesterday.
The GSP+ concessions were given in exchange of the government's commitment to ratify 27 international conventions on human rights, labour conditions, protection of the environment and good governance.
The Commission stated that, ‘The European Commission today proposed that a significant part of the remaining import duties on Sri Lankan products should be removed by the European Union in exchange for country’s commitment to ratify and effectively implement 27 international conventions on human rights, labour conditions, protection of the environment and good governance.’
‘These one-way trade preferences would consist of the full removal of duties on 66% of tariff lines, covering a wide array of products including textiles and fisheries,’ the statement added.