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Friday, 02 March 2012

INTA Committee backs GSP scheme update

According to the International Trade (INTA) Committee,  high and upper-middle income countries should be removed the EU's generalised trade preferences (GSP) list, as more could be done to help developing countries most in need. Likewise, MEPs strengthened safeguards to prevent textile imports from disrupting the EU market.
MEPs backed a European Commission plan to update the GSP scheme to reflect recent shifts in world trade patterns, by removing preferences for EU imports from countries on the World Bank's high or upper middle per capita income list (including Russia, Brazil, Kuwait, Saudi Arabia, and Qatar).
According to the European Parliament, the changes would reduce the number of countries that enjoy preferential access to EU markets from 176 to about 80. Imports qualifying for preferences would be reduced from €60 billion in 2009 (4% of total EU imports) to about €37.7 billion.
This is the first time that Parliament has exercised its power, introduced by the Lisbon Treaty, to legislate on the GSP.

Source: European Parliament