Prime Minister Ranil Wickremesinghe said today that the EU decision will help boost Sri Lanka's fisheries industry.
An EU council meeting report said the decision was made because of Sri Lanka's improved compliance with its international obligations and its introduction of a more efficient fisheries control and monitoring system.
The government says Sri Lanka suffered USD 75 million (68 million euros) in lost revenue because of the ban, which was imposed in January 2015. Sri Lanka was a significant exporter of swordfish and tuna to countries in the EU.