Sri Lanka, Aug. 14 -- The United Nations Conference on Trade and Development (UNCTAD) called on developed countries to help developing countries integrate into the world economy in the 1960s. The Generalised Scheme of Preferences (GSP) was born as a tool for economic cooperation based on trade rather than aid.
In 2005, the European Union created GSP+ (Generalised System of Preferences Plus), a special incentive arrangement offering zero tariffs on most exports from vulnerable developing countries that ratify and effectively implement 27 international conventions. Sri Lanka has been a beneficiary of this scheme. Currently, the country is not in a position to lose it, given the dire consequences this could have for export growth.
According ...