Eco-labels are tools used to inform consumers about the environmental friendliness of products. These labels indicate that the products are produced with reduced environmental impact, based on life cycle considerations. While this concept is still novel in Sri Lanka, international markets, particularly in Europe, recognize the importance of eco-friendly products. Sri Lanka produces numerous export products that face challenges in reaching eco-conscious markets. Therefore, the main objective of this research was to develop a comprehensive eco-labeling criteria for the product identified to have a priority need with respect to its economic and environmental significance to Sri Lanka. The methodology followed was adapted from ISO 14024:2018. Potential export products were analyzed based on their environmental impact using life cycle analysis literature. Three products with the highest environmental impacts were further evaluated for their economic significance, leading to the final selection. The life cycle of the selected product category was thoroughly reviewed to identify areas most relevant for reducing environmental impact at each stage. Criteria were weighted, and relevant documents and assessments required for compliance were listed with expert consultant. Based on economic and environmental significance, rubber and rubber-based products were identified as the most suitable. The main parts of the rubber product value chain include rubber plantation, processing and manufacturing. Key areas identified for impact reduction were water and soil conservation, energy conservation, raw material consumption, responsible chemical use, solid waste management, wastewater management, and air emissions. The eco-labeling criteria were developed to address these major and minor areas, weighted by importance for impact reduction. Compliance documentation and assessments were also outlined. The developed criteria can be reviewed by an expert committee and established by an eco-labeling body.