Sri Lanka, Oct. 15 -- Sri Lanka's limited export diversification and narrow production base have constrained the country from fully capitalizing on the benefits of the GSP+ (Generalized Scheme of Preferences Plus) trade facility with the European Union (EU), Daily Mirror learns.

Under the current GSP + scheme, the EU authorities have granted access for Sri Lankan products under around 6000 tariff lines, but only 54 of them are used at the moment. Sri Lanka has been unable to maximize the use of most of the tariff lines for exports since its production base is limited at the moment.

The EU is a region with 27 countries and 450 million consumers. It remained Sri Lanka's largest trading partner in 2023. The trade volume amounted to 3.84 bi...