· Says trade is not a one-way street
The European Union (EU) today expressed its displeasure in Sri Lanka continuing to impose restrictions on imports stating that trade is “not a one-way street”.
An EU statement pointed out that current import restrictions, that was put in place to help improve the island nation’s balance of payment position, are having a negative impact on Sri Lankan and European businesses, and on Foreign Direct Investment.
“Such measures impair Sri Lanka’s efforts to become a regional hub and negatively impact Sri Lankan exports by constraining the import of raw material and machinery. We recall that a prolonged import ban is not in line with World Trade Organisation regulations,” the Delegation of the European Union (EU) in Sri Lanka told the media in a joint statement with the Embassies of France, Germany, Italy, Netherlands.
The position was communicated to Foreign Minister Dinesh Gunawardena by the delegation after a series of high-level meetings were conducted by Colombo-based Heads of Missions representing the European Union and its Member States, to assess the challenges faced in trade.