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Quality supply of products impresses EU
15
Feb '08
The European Union has decided to renew the GSP plus scheme for Sri Lanka for another three years starting from January 2009. The rules of origin concerning the program are yet to be finalized by the EU.

The decision was revealed by the EU commission delegation in a meeting held on February 13 in Sri Lanka and co-organized by Canada Business Council in Colombo.

At the meet, the EU delegation also discussed about its desire to withdraw concessions catered for shoes and other products to countries like India, Indonesia and Vietnam. This was concluded on grounds that these nations have started evolving and do not come under the category of Less Developed Countries (LDCs) anymore.

Sri Lanka would alone enjoy the benefits coming from the market as well as job opportunity given by EU. Besides, the scheme will also provide considerable margins to chief producers like those in the apparel sector.

The EU's objective in granting concessions is to promote sustainable development and eradicate poverty through enhanced trade and industrialization in developing the country.

Credit was given to Sri Lanka for supplying excellent products that have a huge demand in the European market. The scheme is designed only to assist the country in its aim to develop substantially.

In the previous year, Sri Lanka earned the highest revenue ever amounting to US $2.9 billion from its exports to the EU market. The contribution of apparel sector alone, accounts for $1.4 billion and it is believed that the country utilized only 61 percent of the GSP plus scheme allowed.

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