Sri Lanka was at the risk of losing USD 2 billion if the  Generalised Scheme of Preferences Plus (GSP+) concession was withdrawn, State Minister Dayasiri Jayasekara told parliament.

“Some people say that we can go to the open market. But, we do not have a proper mechanism for that,” he said, according to a Daily Mirror report.

The European Parliament recently adopted a resolution on Sri Lanka. The resolution calls for, among others, the scrapping of the Prevention of Terrorism Act and recommends removal of GSP+ trade concession unless Sri Lanka acts for the implementation of 27 international convention

The GSP+ is a special trading arrangement that provides developing countries preferential access to the European markets by slashing tariffs to zero on most of the products.

The countries benefiting from the scheme have to implement 27 international conventions related to human rights, labor rights, environmental protection and good governance.

(SAM)