After receiving GSP plus in May 2017, Sri Lankan exports have increased by 18% to EU, said Ambassador of European Union (EU) to Sri Lanka and Maldives Tung-Lai Margue was at the National Chamber (NCCSL) hosted event.
“GSP plus status has the greatest impact on the Sri Lanka’s apparel exports, which accounts for approximately 60% of the country’s exports to EU market.” said Tung-Lai Margue. He further said that Sri Lanka should have this facility until 2023. One of the key aspects highlighted by him was to diversify the export base and also to diversify the service exports. “Encourage new products for export rather than the traditional products to widen your market,” he said.
However the exports are far behind with only 8%. The Ambassador said that he would believe that there will be improvements in the future, since the country received the GSP plus facilities only last year.
The European Union been a reliable and trustworthy trademark, is the largest single trade market accounting for 16.5% of the world’s imports and exports. This allows developing countries to open their markets for 500 million consumers over the European Union. It follows trade deals with 70 countries around the globe, representing 40% of Worlds’ GDP (Gross Domestic Product).
The EU – Sri Lanka has a long lasting economic trade. It is Sri Lanka’s second largest trading partner next to India.
The important outcome of the EU –Sri Lanka trade relations is the development of the national export strategy to the country. The country should increase its exports and investments to develop its economy and be a part of open economy. Accounting for the promising features of the country; location and professionally skilled workforce, an attractive market needs to be built for investments.
“Beyond GSP plus, we will be favoring Sri Lankan exports.” The Ambassador further insisted businessmen to take full advantage of the GSP plus since many exporters are not taking full benefit of the scheme.
Suggestions were brought forth by businessmen present at the meeting to bridge the connection between manufacturers and clients as well as to share technology among manufacturers. Along with National Chamber of Commerce projects are initiated to educate businessmen on getting green certificate for their products and services. Steps will also be taken to support certification barriers within the EU.
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