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EU to slash tariff barriers

by Ravi Ladduwahetty

Sri Lanka's exports to the European Union will be given a further boost with the Union deciding to substantially reduce tariff barriers from May following negotiations Commerce and Consumer Affairs Minister Ravi Karunanayake had with the senior members of the Union last week.

This assurance has been based on the encouraging efforts of the Government on the peace process and they have taken this decision in the wake of the tremendous potential that this country has for economic advancement and also due to the confidence they have in Prime Minister Ranil Wickremesinghe's UNF Government, Minister Karunanayake told the Daily News yesterday.

We have lobbied hard with the EU for these concessions and these efforts are bringing results, he said.

Minister Karunanayake who visited Belgium and the United Kingdom, had been told by EU's Commissioner for Trade Pascal Lami and Commissioner for Human Development Aid Paul Neilson that the Union will reduce these tariff barriers substantially after a review mission is sent to Sri Lanka in May.

The Union will also send a review mission to look at compliance of labour policies by the end of April. Sri Lanka is the only country in the world which has hitherto applied to the EU. The EU had also allocated funds for resettlement and investment.

Minister Karunanayake had also met the Managing Director of Marks and Spencer Roger Holmes, Managing Director of Tesco supermarket chain Ms Laura, The European Union Bank 's Regional Director for Asia Swen Reed and billionaire business magnate George Soros.

Managing Director of Marks and Spencer Roger Holmes had assured Minister Karunanayake that his chain stores was very convinced of the peace efforts of the Government which has created more business opportunities and that he would be sourcing more products from Sri Lanka. The European Union Bank's Regional Director for Asia Swen Reed and business magnate George Soros have accepted an invitation of Prime Minister Ranil Wickremesinghe to visit Sri Lanka.

Soros has assured Minister Karunanayake that the investment climate was sound in Sri Lanka and that he would be returning with investments here.

The Sri Lankan delegation to the EU meetings led by the Minister Karunanayake comprised Sri Lanka's envoy in Brussels Romesh Jayasinghe, Trade Commissioner Gomin Senadheera and Deputy Director of Commerce H. M. Wijeratne.

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