EU Extends Generalised Scheme of Preference Regulation to Support Developing Countries’ Exports

• 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.