The European Union will most likely publish its announcement on the re-granting of the GSP+ trade facility to Sri Lanka in its official journal on Thursday, enabling Sri Lankan exporters to enjoy the benefits of duty-free exports with effect from Friday, the European Union (EU) Delegation to Sri Lanka said today.
EU Ambassador Tung Lai Margue said the incentive will boost many exports especially garments, followed by rubber products and machinery to EU-member states.
“With the regaining of GSP+ trade facility, Sri Lanka will be able to increase its export revenue and reduce the trade deficit.
The removal of import duties will provide a total of immediate benefits worth at least €300 million a year,” the ambassador told a news conference.
