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Monday, 05 November 2012

EC Publication of revised regulation on the GSP

On 31 October 2012, the European Commission issued a revised regulation on the GSP for developing countries most in need that will take effect from 1 January 2014, thus giving time for economic operators to adapt to the revised regime. The revised regulation has been endorsed by the Council and the European Parliament and it contains the specific tariff preferences granted under the GSP in the form of reduced or zero tariff rates as well as the final criteria, which constitute the conditions in order to benefit from the scheme.
The Commission's proposal has been further developed by the Council and the European Parliament that proposed a wider though limited expansion of products and preferences, a longer transition period for the application of the new GSP and an expansion of specific safeguards to include ethanol and plain textiles. The number of beneficiaries has been reduced to a total of 89 countries in order to ensure more impact on countries most in need.

Source: European Commission

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