Delegation of the European Union to Nicaragua

Trade and sustainability: Commission proposes new EU Generalised Scheme of Preferences to promote sustainable development in low-income countries

Brussels, 22/09/2021 - 12:00, UNIQUE ID: 210924_1
Press releases

EU News 212/2021

Today, the Commission has adopted the legislative proposal for the new EU's Generalised Scheme of Preferences (GSP) for the period 2024-2034. The Commission is proposing to improve some of the key features of the scheme to better respond to the evolving needs and challenges of GSP countries as well as reinforce the scheme's social, labour environmental and climate dimension.

The GSP Regulation is a unilateral trade tool that removes or reduces import duties from products coming into the EU from vulnerable low-income countries, supporting poverty eradication, sustainable development, and their participation in the global economy. The Commission's proposal makes the EU's GSP more focused on reducing poverty and increasing export opportunities for low-income countries. It aims to incentivise sustainable economic growth in low-income countries and offers new room for engagement on environmental and good governance issues.

The new GSP framework strengthens the EU's possibilities to use trade preferences to create economic opportunities and to advance sustainable development. The modernised framework also expands the grounds for the withdrawal of EU GSP preferences in case of serious and systematic violations. Beyond the core human rights and labour conventions already covered, the proposal incorporates environmental and good governance conventions.

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