Sri Lanka’s Cabinet backs €10 million EU grant deal for sustainable trade

Sri Lanka’s Cabinet has approved the signing of a €10 million grant agreement with the European Union (EU) for a four-year project to promote sustainable trade between the two sides.

The EU has agreed to the project, which the Ministry of Trade, Commerce, Food Security and Cooperative Development plans to carry out. President Anura Kumara Dissanayake submitted the proposal to sign the agreement in his capacity as Minister of Finance, Planning and Economic Development.

The project aims to strengthen trade ties by encouraging a shift to greener practices and helping Sri Lanka adopt trade practices that can withstand the effects of climate change.

It also aims to strengthen the institutions involved in trade and help Sri Lanka meet the international standards required to access the EU market.