Sri Lanka-EU trade tops US $ 5 billion

9 March 2015 04:53 am - 0     - {{hitsCtrl.values.hits}}

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Sri Lanka’s bilateral trade with European Union (EU) topped US $ 5 billion mark for the first time in country’s trade history, Industry and Commerce Ministry said.

Sri Lanka’s bilateral trade with EU recorded at $5.077 billon in 2014 and apparel was the biggest export item, earning US $2.16 billion, growing 10.5 percent year-on-year (YoY).

The second biggest, rubber tyres & tubes exports earned an export income of US $ 208 million and third biggest interestingly was ‘frozen fish’ at US $90 million.

However, Sri Lanka is currently facing a ban from the European Union over fish exports and the new Sri Lankan government is working on to get it lifted.

Industry and Commerce Ministry has also commenced dispatching monthly progress reports to EU’s Directorate-General for Maritime Affairs and Fisheries (DG MARE) in Brussels in an attempt to reclaim fishery exporter status. 

Following Foreign Minister Mangala Samaraweera’s assurance of speedy implementation of EU recommendations, it was announced that an EU fishery expert delegations would be arriving in Sri Lanka.

The new government is also working on to regain GSP Plus status from the EU.
 

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