Thursday, 26 March 2015 01:28
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Sri Lanka commenced bilateral discussions yesterday with representatives from the European Union (EU) in relation to the recovery of GSP plus facilities.
The talks commenced in the backdrop of increasing trade between Sri Lanka and the EU region which edged close to US$ 5 billion. Minister of Industry and Commerce Rishad Bathiudeen expressed optimism over the talks given the positive response from EU representatives.
In addition to the discussion on GSP plus, the discussions between an 8-member EU delegation and Sri Lankan officials also focused on improving technical trade capacity support from the EU to Sri Lanka, and other issues related to the promotion of bilateral trade and investment, including investment facilitiation, import duties and fisheries exports from Sri Lanka to the EU.
Progress under the World Trade Organization’s (WTO) Doha Development Agenda was also reviewed during the meeting with a view to reaching a Trade Facilitation Agreement at the 10th WTO Ministerial Conference set to take place in December 2015.
Sri Lanka’s proposal for possible funding in the areas of trade-related capacity building & development support for SMEs’ trade competitiveness in regional & EU markets under EU’s Regional Programming for Asia Multiannual Indicative Program 2014-2020 were also stated to have received favourable consideration by the European Union according to a joint statement released subsequent to yesterday’s discussions.
Bilateral trade between Sri Lanka and the EU exceeded $ 5.07 billion, increasing 3.6% Year-on-Year (YoY)of which 69% consisted of Sri Lankan exports to the EU. The majority of Sri Lankan exports to the region was made up of apparel, which was valued at $ 2.16 billion in 2014, recording growth of 10.5% YoY, followed by rubber tyres and tubes which generated $ 208 million and finally frozen fish exports which reached $90 million.
