Press Release: European Member States back new EU Generalised System of Preferences (GSP), Brussels, 23 June 2005

EU Member States backed EU Trade Commissioner Peter Mandelson's reform of the EU's Generalised System of Preferences (GSP) on the 23 June 2005. The agreement by Member States, led by the Luxembourg Presidency, breaks a three month deadlock in Council that has delayed the adoption of the new preferential access system. The reform of the GSP will make the EU's system of preferential market access for developing countries both simpler and fairer. While the new GSP system as a whole will apply from 1 January 2006, application of the GSP Plus incentive system, which grants additional preferences to vulnerable developing countries that pursue good governance and sustainable development policies, will be fast tracked to apply from 1 July 2005.