Sri Lanka may qualify for the EU's Generalized System of Preferences (GSP) plus scheme that will provide gain duty free access to the western EU market.
Certain group of independent states and Latin American countries are likely to be listed in GSP Plus, which is currently being finalized by the EU commission. The scheme is designed to help weaker economies, it is expected be functional for a period of three years, which will end by the year 2008.
Pakistan and India tried hard to get the benefit of the GSP plus scheme. However, both the countries were not able to qualify for GSP plus beneficiary, as the countries should show that their economies are poorly diversified and vulnerable.
The other qualifying criteria is that the country should stand for less than one percent of total EU imports under the GSP.
Least developed countries such as Bangladesh and many of Africa would retain to have duty-free access to the EU market under the GSP.
Whereas India will continue to get benefits of the normal GSP scheme under which countries get privileged dealing but not duty free access.
The EU informed that it consumes about one-fifth of developing country exports. As 40 percent of EU imports are from developing countries.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
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