The European Commission, EU has proposed to provide Generalised Scheme of Preferences, known as GSP plus concessions to Sri Lanka in exchange of government's commitment to ratify 27 international conventions on human rights, environment protection and good governance. A statement issued by EU last evening said one-way trade preferences would consist of the full removal of duties on 66% of tariff lines, covering a wide array of products including textiles and fisheries. It added the removal of duties would be accompanied with rigorous monitoring of the country's progress in the area of sustainable development, human rights and good governance.<br/><br/> It also called for making Sri Lankan counter-terrorism legislation fully compatible with international human rights conventions. The benefits under GSP plus were suspended for Sri Lanka in 2010 after its reported failure to comply with human rights provision during last phase of LTTE war. Sri Lankan government applied for GSP plus in July 2016 and the Commission's assessment has concluded that it met the entry criteria set out in the EU Regulation. Prime Minister Ranil Wickremesinghe said regaining the GSP plus facility is a victory for all Sri Lankans. He said this would help Sri Lanka gain access to many new markets across Europe and to create a large number of employment opportunities.