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The EU reshapes its import scheme for developing countries

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Monday, 16 May 2011

The EU reshapes its import scheme for developing countries

The European Commission plans to concentrate its import preferences on those developing countries most in need. It will limit its Generalised System of Preferences (GSP), with which it grants specific tariff preferences to developing countries in the form of reduced or zero tariff rates or quotas, to approximately 80 countries to take into account the emergence of more advanced developing countries which are now globally competitive. At the same time the Commission seeks to encourage more countries to respect core international conventions on human rights, labour standards, environment and good governance in the GSP+ scheme which grants additional trade concessions for trade-vulnerable countries. "Global economic balances have shifted tremendously in the last decades. World tariffs are at all-time lows. If we grant tariff preferences in this competitive environment, those countries most in need must reap the most benefits. Trade and development go hand in hand and tariff preferences are a small part of our wider agenda to help poorer economies scale up their presence in global markets", said EU Trade Commissioner Karel De Gucht.

Source: European Commission