Tue, 03 Jul 2012 12:48:39 GMT

Sri Lanka welcomes US decision on GSP

Colombo, Jul 2 (PTI) Sri Lanka today welcomed US decision to continue with generalised system of preferences (GSP) trade concession, amid tensions in bilateral ties after Washington backed a resolution censuring Colombo on its human rights record.

Jaliya Wickremasuriya Sri Lanka''s Ambassador in Washington said he was thankful to the US authorities for the decision to continue with generalised system of preferences (GSP) trade concession.

The US last week announced the continuation of the facility by closing its country practice review without any adverse affect on Sri Lankan exports to US.

Over 5000 item of Sri Lankan exports to US are eligible for tax free facilities under the GSP.

Sri Lankan reaction came in the background of a US backed resolution against Sri Lanka at the UN Human Rights Council adopted in March.

The resolution urged Lanka''s accountability over human rights violations and steps to achieve reconciliation with the Tamil minority.

Officials said relations with the United States have been further consolidated with the US decision to continue preferential trade concessions.

Wickremasuriya said that Sri Lanka''s exports to US had seen a 30 per cent increase in the first quarter of this year.

In 2011 Sri Lankan exports to US was worth 2.14 billion dollars or 20 per cent of total exports of the island. PTI Corr

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