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Lanka to benefit from access to UK’s new trading scheme: HC Hulton
ECONOMYNEXT –Sri Lanka will benefit from the UK’s new trade concessionary scheme Developing Countries Trading Scheme (DCTS) that will replace the GSP+ in that country and will be in force from 2023.
“The UK’s new Developing Countries Trading Scheme (DCTS) is one of the most generous sets of trading preferences of any country in the world, and will benefit Sri Lanka by boosting the economy and supporting jobs,” British High Commissioner to Sri Lanka Sarah Hulton said in a tweet on Tuesday August 16.
Under the new scheme, Hulton said, Sri Lanka will continue to benefit from duty free exports to the UK on over 80 percent of export products while tariffs on over 150 additional products will also be removed.
“It will also simplify some season tariffs, meaning additional and simpler access for Sri Lanka’s exports to the UK,” Hulton said.
Sri Lanka’s access to the Generalised Scheme of Preferences (GSP) Plus was already under review for extension as the country failed to adhere to several of the commitments it made, mainly with regard to human rights.GSP is an annual trade concession worth over 500 million US dollars which has boosted Sri Lanka’s exports to EU member states mainly in the garments sector, a top forex earner.
The EU has stressed on several occasions that the island nation needs to uphold its commitments, particularly with regard to eradicating human rights violations in the country.Recently Sri Lanka landed in hot water as it failed to implement several of the commitments undertaken including repealing the Prevention of Terrorism Act (PTA).The EU also had concerns over arbitrary arrests of activists and journalists and detainees.Sri Lanka lost access to GSP Plus in 2010 due to alleged human rights violations but regained it in 2016 after pledging to implement 27 international conventions.
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“Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” by Mahinda Siriwardana presented to the President
The book “Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” ,authored by Secretary to the Ministry of Finance, Mr. Mahinda Siriwardana, was officially launched this morning (08) at the Galle Face Hotel, Colombo, with the participation of President Anura Kumara Disanayake.
The first copy of the publication was formally presented to President Disanayake by Mr. Siriwardana during the event.
It has been reported that former State Minister Sivanesathurai Chandrakanthan alias ‘Pilleyan’ has been arrested by the Criminal Investigation Department (CID).
A meeting between President Anura Kumara Disanayake and senior officials of SriLankan Airlines was held this afternoon (April 8) at the Presidential Secretariat.
The discussions mainly focused on proposals to transform SriLankan Airlines into a more profitable state-owned enterprise. Special attention was also given to possible short-term and long-term solutions for the airline’s debt management.
The talks further explored new investment opportunities for the airline. The President instructed the officials to take all necessary steps to transform SriLankan Airlines into a profit-making entity.
Although the airline has recorded operational profits, due to past mismanagement and poor decision-making, it remains one of the leading loss-making state enterprises. The current government has decided to reverse the previous administration’s decision to privatize the airline. Instead, it plans to continue operating it as the national carrier while introducing a new management structure to ensure its profitability moving forward.
Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, President’s Senior Advisor Duminda Hulangamuwa, Chairman of SriLankan Airlines Sarath Ganegoda along with several senior officials of SriLankan Airlines, were present at the meeting.
“Sri Lanka’s Economic Revival – Reflection on the Journey from Crisis to Recovery” by Mahinda Siriwardana presented to the President
Former state minister arrested by CID
President meets with senior officials of SriLankan Airlines
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