|Author (Corporate)||European Commission: DG Trade|
|Series Details||COM (2021) 579|
|Content Type||Blog & Commentary, News, Policy-making|
Legislative initiative published by the European Commission on 22 September 2021, setting out a new Generalised Scheme of Preferences (GSP).
The European Union (EU) has granted trade preferences to developing countries through the Generalised Scheme of Preferences (GSP) since 1971. This is part of its Common Commercial Policy. The GSP consists of three arrangements: the Standard GSP, the GSP+ and the Everything But Arms (EBA). Regulation (EU) No 978/2012 - also known as the GSP Regulation - sets out the existing scheme, which applies until 31 December 2023. Unless a new Regulation was adopted, the Standard GSP and the GSP+ arrangements would then cease to apply.
The European Commission therefore tabled a draft law for a new Regulation on 22 September 2021, aiming to renew the scheme for a further period of ten years. The review carried out was about fine-tuning the way the GSP works and improving its efficiency and effectiveness. The EU’s overarching objectives with the revised GSP Regulation are to maintain the essential features of the existing Regulation, while also not jeopardising EU interests.
The draft law was tabled by the European Commission on 22 September 2021.
|Subject Tags||External Trade | Trade Agreements|
|Keywords||Generalised System of Preferences [GSP]
|International Organisations||European Union [EU]|