The European Commission has suggested that the current GSP+ (Generalised Scheme of Preferences Plus) scheme be extended by four years, amid the ongoing negotiations for the EU’s new GSP+ arrangement.
The European Union delegation in Sri Lanka in a tweet yesterday said that the European Commission has proposed a four year extension to the current scheme until December 31, 2027 so that countries such as Sri Lanka don’t lose preferential access in the interim.
Furthermore, the EU delegation noted that for Sri Lanka, the GSP+ extension proposal means that, for now, nothing changes, and that it will provide the same access to European Union’s market and the same obligation to comply with the 27 international conventions, which are key to ensuring that the country’s economic recovery is “not just fast, but also fair, just, and green.” The current GSP+ scheme is set to expire on December 31, 2023. As one of Sri Lanka’s largest trading partners, nearly EUR 3.2 billion worth of Sri Lankan exports went to the EU markets in 2022.