Generalised Scheme of Preferences
A trading system that grants unilaterally preferential tariffs to certain countries on a non-reciprocal basis. It was approved by GATT in 1971, allowing industrialised members to adopt one-way tariff preferences in favour of developing countries.
The waiver was made more general and permanent in 1979 with adoption of the "enabling clause" allowing industrialised countries to implement measures extending "differential and more favourable treatment" to developing countries.
The EU launched this preferential system in 1971 to help developing countries sell more of their products in industrialised countries and build up their own industry. GSP preferences are granted to exports of specific products from particular countries.