Business

Sri Lanka has expressed its desire to reapply for the European Union’s (EU) Generalised Scheme of Preferences (GSP) trade program after the current cycle ends, according to Foreign Affairs Minister Vijitha Herath. In a post on X (formerly known as Twitter), the Minister mentioned that this topic came up during a meeting with Paola Pampaloni, the Acting Managing Director for Asia and the Pacific at the European External Action Service (EEAS). She met with him while visiting Sri Lanka to co-chair the 27th Session of the EU–Sri Lanka Joint Commission. During their talks, the Foreign Minister thanked the EU for its GSP facility, highlighting its importance for Sri Lanka’s economic development. He indicated the country's intention to reapply once the current period is over. The Minister also updated the EU delegation on Sri Lanka's economic recovery and major legislative changes, which include plans to repeal the Prevention of Terrorism Act (PTA), amendments to the Online Safety Act (OSA), and initiatives to improve reconciliation by enhancing independent national institutions. Additionally, he pointed out Sri Lanka's recovery efforts after Cyclone Ditwah and expressed gratitude to the EU for its ongoing support during this process. The two parties also discussed various global and regional geopolitical issues, reaffirming their dedication to the principles of the United Nations Charter and a multilateral approach. “This meeting is another step in strengthening the relationship between Sri Lanka and the European Union, a partnership based on mutual respect, shared values, and a vision for a stronger and more cooperative future,” he stated. Ms. Paola Pampaloni, who is in Sri Lanka for the EU–Sri Lanka Joint Commission, engaged in positive and forward-looking discussions with the Minister.