Thursday, 24th June 2021

Preferential trade pact sought in post-Brexit UK

British Asia News Network- AD

Colombo, April 9: As per govt. sources country is seeking bilateral preferential trade agreement with United Kingdom (UK) to promote trade between two countries. Sri Lanka has already received assurance from UK that GSP Plus concessions will continue in the Brexit transitional period of 21 months.

As per analysts UK will reach a deal to enter into Custom Union with EU similar to that of EU -Turkey Customs Union. The nations party to EU GSP scheme will be required to enter into separate bilateral agreements with UK to retain the tariff concessions if UK and EU enter into Custom Union. UK has asked Sri Lanka to submit facts and figures relating its concerns to the UK government.

Already diplomatic channels have started discussions and the UK government has informed Sri Lankan counterparts that UK’s legislature approval is required for 60 sensitive products in the EU GSP scheme in order to grant the same tariff lines to Sri Lanka in the post-Brexit period in case of a no-deal Brexit.

According to Lankan officials country can explore a Free Trade Arrangement (FTA) with UK without any obligations.

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