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FeaturesNewsSri Lanka urges US to approve prederential trading plan

Sri Lanka urges US to approve prederential trading plan


Sri Lanka has pushed for the early approval of a key preferential trading system with the United States that would increase concessional exports, a statement from the External Affairs Ministry said here on Monday. Peiris also noted that growing prosperity in Sri Lanka would create enormous opportunities for U.S. investors, the statement said.

Sri Lanka’s External Affairs Minister G.L Peiris, who is currently on an official tour of the United States, met with Deputy Trade Representative Demetrios Marantis and pressed for the early closure of a review of the Generalised System of Preferences (GSP) for trade that exists between the two countries.

The United States was the largest single buyer of Sri Lankan goods in 2011, taking nearly 22 percent of total exports worth 2. 15 billion U.S. dollars.

Marantis had expressed appreciation for the notable progress made by Sri Lanka in number of areas, including trade, the statement pointed out.

“We are extremely happy to see the level of commitment from the Sri Lankan side,” Marantis said, adding “We are hopeful that soon after the U.S. inter-agency consultation process, the final decision will be made available. We remain very positive,”

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