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Sri Lanka hopes for GSP+ to return

The Sri Lankan government is hoping for the EU GSP+ trade concessions that were stripped from the island to return, after an estimated US$1.5 billion loss due to the withdrawal, reported the Sunday Leader.

The government is alleged to be preparing an application to handover to the European Union for June 2014, where they will be re-applying for the trade concessions, the loss of which has seen factories leave the island.

President of the Inter Company Employees Union (ICEU), Wasantha Samarasinghe, said,

“The government assured that the country would not face any economic fallout due to the loss of the GSP Plus facility. But now factories are closing. The government needs to provide solutions to the current crisis”.

See our earlier posts:

Sri Lankan garment exports lose market share (06 Feb 2013)

Bicycle company leaves Sri Lanka after GSP+ loss (31 January 2013)