Press Release: European Commission adopts new Generalised Scheme of Tariff Preferences (GSP) Regulation to foster sustainable development

On 12 June 2001 the European Commission adopted a proposal for revision to the Generalised Scheme of Tariff Preferences (GSP) for the years 2002-2004. The new Regulation complements and fully incorporates the recent 'Everything But Arms' (EBA) initiative in favour of Least Developed Countries. The proposed regulation will simplify the rules and harmonise procedures on the different arrangements available under the GSP. The objective is to make the GSP more user-friendly and attractive. This will in turn motivate more traders to make use of the GSP, and thus increase trading opportunities for beneficiary countries. The proposal maintains duty-free access for all non-sensitive products, while all other products will be classified in one category of sensitive products, replacing the previous three categories (very sensitive, sensitive and semi-sensitive).