GSP + withdrawal a huge blow to SL economy

National chamber of Exporters (NCE) President Sarath De Silva said , at a time when the country’s economy is reeling with the Govt. at its wits end not knowing how to resuscitate it , the loss of GSP + at this juncture constitutes a fatal blow to SL’s economy.

The GSP + was first worked out for  SL on the initiative of Ranil Wickremesinghe when he was the Prime Minister . The GSP + concession which served as a great boost  to SL exporters particularly ,and a great economic boon to the country as a whole  continued until recently when the European Union (EU) market , the promoters  of it found fault with the  SL Rajapakse  Govt. for violation of human rights – one of the conditions for the granting of GSP + , when the EU  reviewed the annual performance of SL for the next term. 

The GSP+ was a concession to help SL to hold itself viably in the international export market when competing with other foreign countries ,

Therefore the withdrawal of the GSP + concession in the present context when cost of production of SL products to the EU  is extremely high further compounded by high energy costs and financé costs in the country , the Govt. allowing the GSP + concession to slip away  is most detrimental to the already dwindling economy , the NCE President regretted.