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EU adopts new regulation for GSP

Star Business Desk
The European Commission yesterday adopted a new regulation on Generalised System of Preferences (GSP), which will come into effect from 1st January’ 2009 until the end of 2011.
The European Union (EU) hopes that the new regulation will allow the EU to maintain preferential access to its market for 176 developing countries.
The renewed preference system will be updated and improved, ensuring that GSP is targeted at those countries that need it most, a press
release issued by the EU said.
GSP provides real economic value to developing countries, with • 57 billion worth of trade under the scheme in 2007.
As a result of r e -calculations to reflect the evolution of trade, preferences for specific product groups will be re-established for six beneficiary countries of GSP (Algeria, India, Indonesia, Russia, South Africa and Thailand).
Preferences will be suspended for one country, Vietnam, for Section XII products (footwear and some other products).
These adjustments are
triggered automatically when a country's performance on the EU market goes above or below a certain threshold.
Suspension of preferences, called "graduation", reflects the fact that a particular country is competitive in the EU market for the products in question.
Alongside the standard GSP scheme, the EU also offers a special incentive arrangement for Sustainable Development and Good Governance, known as GSP+. This offers additional preferences to support vulnerable developing countries in their ratification and implementation of relevant
international conventions on human and labour rights, environmental protection, and good governance.
Everything But Arms, the EU's open-ended duty-free, quote-free regime for Least-Developed Countries (LDCs), which also operates under the GSP Regulation, is also maintained.
A special arrangement for the 50 least-developed countries, known as the "Everything But Arms" (EBA) initiative, provides the most favourable treatment of all, granting the LDCs "duty-free and quota-free" access to the EU market.