The European Union will remove a significant part of the remaining import duties on Sri Lankan products as from Friday, 19 May. This will be in exchange for the country's commitment to effectively implement 27 international conventions that it has ratified on human rights, labour conditions, protection of the environment and good governance.
These one-way trade preferences will consist of the full removal of duties on 66% of tariff lines, covering a wide array of products including textiles and fisheries.
These preferences would come under a special arrangement of the EU's Generalised Scheme of Preferences, known as GSP+. This supports developing countries by fostering their economic development through increased trade with Europe, and providing incentives to take tangible measures towards sustainable development.
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