EU scheme of generalised tariff preferences (GSP) extended until 31 December 2027
On 27 September 2023, the European Commission published Regulation (EU) 2023/2663 amending Regulation (EU) No 978/2012 applying a scheme of generalised tariff preferences.
This Regulation extends the period of application of Regulation (EU) No 978/2012 until 31 December 2027. The current GSP scheme, widely recognised as the most progressive in terms of coverage and benefits, was set to expire on 31 December 2023.
The EU scheme of generalised preferences, also called GSP, facilitates preferential access for goods to the EU market originating in developing countries and territories by reducing tariffs.
The extension should ensure the EU GSP continuity and provide the time needed to conclude the legislative procedure for the adoption of the regulation proposed by the EU Commission in 2021, on which the Council and the EU Parliament have not yet reached an agreement.
According to the new joint report of the European Commission and the High Representative for the Common Foreign and Security Policy on the GSP, the GSP remains the EU's main trade policy tool to support developing countries' exports to the EU customs territory (TAU), supporting economic stability and sustainable development in low-income countries.
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