Oct 12, 2016 (LBO) - Sri Lankan premier Ranil Wickremesinghe said that he will be traveling to Brussels shortly for the Generalized System of Preferences (GSP) plus negotiations.
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"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.
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"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.
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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.