Press Release: European Commission accelerates preferential trade measures to benefit tsunami-hit countries

In response to the Tsunami disaster in the Indian Ocean on 26 December 2004, the European Commission on 10 February 2005 proposed to accelerate the entry into force of the new EU preferential trade regime for developing countries. The new Generalized System of Preferences (GSP) was now planned to come into effect on 1 April 2005. The focus of the new regime was on developing countries most in need such as the Maldives, Sri Lanka, Thailand and Indonesia. The EU GSP, provided for further tariff concessions, in particular in the clothing and the fishery sectors. Its benefits were planned to extend to all the countries affected by the recent Tsunami.