Many fear the loss of the EU trade terms would force big job cuts in Sri Lanka.
IMPORTERS
Major European importers, notably large British retailers such as Marks & Spencer, are concerned about possible increases in the cost of importing from one of their major hubs in the midst of the worst economic downturn in decades.
Tomorrow’s report will be discussed by the EU’s executive European Commission — which oversees trade policy for the 27-nation bloc — which must then decide by the end of next month whether to propose to member states that they temporarily suspend Sri Lanka’s GSP Plus status.
Any decision would take effect six months from the vote by EU member states.
“It would most likely take effect around June next year,” a commission official said.
RSS