EU EXTENDS GSP REGULATION
The European Union announced the extension of the current Generalised Scheme of Preferences (GSP) regulation, a key element of its trade policy, until the end of 2027. This strategic decision underscores the EU's commitment to bolstering trade from vulnerable developing countries by eliminating import duties on their products entering the EU market. The GSP, serving as the cornerstone of the EU's unilateral trade efforts, plays a pivotal role in supporting these nations by promoting poverty alleviation, job creation, and adherence to crucial international values such as labour and human rights, environmental and climate protection, and good governance.
The GSP, originally conceived under the aegis of the United Nations Conference on Trade and Development (UNCTAD), represents a critical facility extended by developed countries to their developing counterparts. Termed as 'beneficiary countries', these nations benefit from the preferential treatment in trade offered by 'donor countries', including the EU. This extension is a testament to the EU's continued dedication to fostering an equitable global trade environment, reinforcing the mutual benefits of such a partnership. For a comprehensive understanding of the GSP's general aspects and its historical context, further details can be accessed here.
Source: DG TAXUD