The European Council has approved granting the Generalized System of Preferences Plus (GSP+) tariff concession to Sri Lanka allowing the island nation to export its products tax-free to the European market.
The Foreign Affairs Council at its meeting held today agreed to grant additional trade preferences to Sri Lanka.
Granting the GSP+ facility, the Council said Sri Lanka has ratified and implemented measures contained in a number of international conventions on human and labor rights, environment protection and good governance.
“On this basis, Sri Lanka has become eligible to receive additional tariff preferences for sustainable development and good governance, in addition to the generalized scheme of tariff preferences benefitting to all developing countries,” the Council said.
The European Parliament last month voted to approve granting the GSP+ tariff concession to Sri Lanka again.
The 751-member European Parliament’s vote follwed the European Commission’s recommendation in January that GSP+ should be granted to Sri Lanka once again after withdrawing it in 2010 due to the poor human rights record of the country.