The European Commission, the legislative body of the European Union, has granted GSP Plus status to Sri Lanka, giving the country access to the EU market under the special scheme starting Friday.
In January the EC had noted that it had received a GSP Plus request from Sri Lanka. The EC said it examined the request from Sri Lanka and found that the country had met the conditions.
“Sri Lanka should therefore be granted GSP+ from the date of entry into force of this regulation,” the EC said. “The Commission should keep under review the status of ratification of the relevant conventions, the effective implementation of those conventions, as well as the cooperation with the relevant monitoring bodies by the government of Sri Lanka.”
A beneficiary country under the Generalized System of Tariff Preferences may request to benefit from additional tariff preferences under the special incentive arrangement for sustainable development and good governance, known as GSP Plus, for least developed countries that are considered vulnerable due to a lack of sufficient diversification and insufficient integration with the international trading system.
A GSP beneficiary country wishing to benefit from GSP Plus has to submit a request accompanied by comprehensive information concerning ratification of the relevant conventions, its reservations and the objections to those reservations made by other parties to the convention, and its binding undertakings.
The GSP Plus program offers enhanced preferences meaning full removal of tariffs on essentially the same product categories as those covered by the general arrangement. These are granted to countries which ratify and implement core international conventions relating to human and labor rights, environment and good governance.
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