By Nuzla Rizkiya

The European Union (EU) Ambassador to Sri Lanka, Carmen Moreno recently held discussions with the newly appointed Chairman of the Board of Investment (BOI) Arjuna Herath along with BOI Director General Renuka M. Weerakone. 

According to a BOI statement on X (formerly Twitter), the meeting was aimed at reinforcing and deepening economic ties between the EU and Sri Lanka.

The European Union (EU) and Sri Lanka have a long-standing economic relationship that has evolved significantly over the years. 

While trade relations date back to the late 1980s, the official partnership took shape in 1995 with the signing of a Cooperation Agreement on Partnership and Development. 

This agreement, which came into force in April 1995 set the foundation for a comprehensive relationship extending beyond trade to include a range of development and humanitarian initiatives.

Today, the EU ranks as Sri Lanka’s second-largest trading partner accounting for 22.4 percent of the country’s exports in 2020. 

Among these exports, textiles and clothing hold a significant share, comprising 52.3 percent of Sri Lanka's total exports to the EU that year.