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European Commission adopts GSP proposal for 2006-08

STAR BUSINESS REPORT
The European Commission yesterday adopted a proposal setting out the details of the EU system of trade preferences (generalised system of preferences -- GSP) for the period 2006-2008.
The proposal was built on the guidelines issued by the Commission in July. The GSP is a key instrument to help developing countries reduce poverty by stimulating their exports to the EU, according to a press statement issued by Delegation of the European Commission yesterday.
The Commission proposed improving the current system in a number of areas: simplification (cutting back from five to three separate arrangements); expand-
ing the product coverage; focusing the benefits of those developing countries most in need; and setting up an additional GSP benefits to encourage sustainable development.
LDCs continue to receive the most favourable regime under the 'Everything but Arms Initiative.'
Among the GSP beneficiaries, China (35.8 percent of the total volume of EU GSP imports), India (11.8 percent) and Indonesia (five percent) were the main exporters to the EU in 2002, with Bangladesh (3.9 percent) ranking seventh as the first representative of the beneficiaries of the EBA initiative.
A simpler GSP: the current five GSP arrangements are reduced to three: a general arrangement
(reduction of 3.5 percent over the
normal customs duty for sensitive products, reduction of duties to zero for non-sensitive products); EBA -- giving duty-free and quota free access for all products for the world's 50 poorest countries; and a new GSP-- giving tariff preferences to vulnerable countries who meet the new objective criteria for sustainable development and good governance (reduction to zero duty for a total of 7200 products).
The EU absorbs one fifth of developing country exports. Around 40 percent of EU imports originate in developing countries. The EU is also the world largest importer of agriculture products from developing countries, absorbing more than the US, Canada and Japan, taken together.
From the preferential imports
under this regime in 2003, half were duty free and half at a reduced duty. In 2003 EU imports under GSP amounted to 52 billion euro.
The EU was the first to implement a GSP scheme in 1971. The EU's GSP grants products imported from the 178 GSP beneficiary countries either duty-free access or a tariff reduction depending on which of the GSP arrangements the country enjoys.
The EU's GSP is implemented following cycles of ten years for which general guidelines are drawn up. The present cycle began in 1995 and will expire on December 31, 2005.
In July the Commission adopted the guidelines for the period 2005-2015.