On 27 November 2023, the EU Commission has extended the current EU’s Generalised Scheme of Preferences (the so-called ‘GSP’ scheme) regulation until the end of 2027.
This GSP scheme of customs duty preferences removes EU import duties for products released for free circulation in the EU, originating in vulnerable developing countries, and has been a success for many years.
By removing such import duties, the EU’s GSP is the EU’s main unilateral trade policy to support vulnerable developing countries’ exports to the EU.
The principle of GSP was agreed at the United Nations Conference on Trade and Development (UNCTAD), and is a facility granted to developing countries (“beneficiary countries”) by certain developed countries (“donor countries”).
Source/read more: EU extends the Generalised Scheme of Preference regulation (europa.eu)
For more GSP background : Generalised System of Preferences (europa.eu)
