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The European Union says Sri Lanka will receive the Generalized System of Preferences Plus or GSP+ tariff concession from Friday.

The announcement was made by the Ambassador of the EU delegation to Sri Lanka and the Maldives Tung Lai Margue at a media briefing this morning.

He said with the provision of GSP+ Sri Lanka’s economic growth is expected to rise drastically.

The EU ambassador noted that the re-granting of the GSP+ will definitely benefit Sri Lanka in terms of provision of more job opportunities.

While commending the present government on efforts to regain the GSP+, EU Ambassador Tung Lai Margue said many aspects were taken into consideration prior to granting the trade concession.

However he added Sri Lanka will be continuously monitored after the GSP+ is provided.

The Head of the Political, Trade and Communications Section Paul Godfrey also joining the media briefing this morning said Sri Lanka is the only country to have lost the GSP+ facility due to its poor record of human rights.

The repeal of the Prevention of Terrorism Act was also brought up during the media briefing by journalists.

The government in compliance with its commitment to international human rights has vowed to replace the Prevention of Terrorism Act with a counter terrorism legislature.

Ambassador Tung Lai Margue said the European Union is closely monitoring the actions of the government pertaining to the PTA, that has also been a contributing factor to the GSP+, adding the government’s future actions will be reviewed after the GSP+ is granted.