Sri Lanka to Reapply for GSP+ Tax Concession by December 2028

Sri Lanka is preparing to reapply for the European Union's GSP+ tax concession, with a target submission date of December 2028. This move aligns with the EU's revised regulations for the Generalized Scheme of Preferences (GSP), which are set to take effect on January 1, 2027. Foreign Affairs Minister Wijitha Herath officially announced the country's intention, signaling a proactive approach to maintaining this crucial trade benefit.

To secure the continued GSP+ status, Sri Lanka is actively working to address all outstanding issues concerning human rights, labor rights, good governance, and environmental conventions. Minister Herath conveyed this commitment during a recent meeting with the country's foreign ambassadors, emphasizing the nation's dedication to meeting the EU's stringent criteria. The GSP+ concession is vital for Sri Lankan exports, providing preferential access to the EU market.

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Sri Lanka will reapply for the GSP+ tax concession by December 2028 in compliance with the European Union's revised new GSP regulations.

Under the new EU GSP regulations, countries currently benefiting from the GSP+ status must undergo a reapplication process. This includes fulfilling requirements related to five additional international conventions. Among these are the Convention on the Rights of Persons with Disabilities and the International Labour Organization's (ILO) Convention No. 81 concerning Labour Inspection. Sri Lanka has been granted until the end of 2028 to submit its new application, allowing ample time to prepare and implement the necessary measures.

The successful renewal of the GSP+ concession is critical for Sri Lanka's economy, particularly for its export sector. The government's commitment to addressing the EU's concerns demonstrates a strategic effort to preserve trade advantages and foster economic stability. The process involves not only meeting the stipulated conventions but also presenting a clear action plan for their implementation.

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We are working to resolve all issues related to human rights, labor rights, good governance, and environmental conventions to continuously receive the GSP+ concession.