- The EU has extended the Generalised Scheme of Preference regulation until the end of 2027.
- The EU GSP removes import duties from products coming into the EU market from vulnerable developing countries.
- The GSP is the EU’s main unilateral trade policy to support developing countries’ exports to the EU.
- The Scheme helps alleviate poverty and create jobs in developing countries.
- The GSP is based on international values and principles such as labour and human rights, environment and climate protection, and good governance.
- The GSP was agreed at the United Nations Conference on Trade and Development.
Source: taxation-customs.ec.europa.eu
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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