EU revises import preference scheme for developing countries including Nepal

The European Union (EU) has issued today its revised import preference scheme - known as the Generalised Scheme of Preferences (GSP) - for developing countries (including Nepal) 'most in need'.

The scheme which will take effect from 1 January 2014 has been passed following an agreement with the Council and European Parliament.

The scheme contains the specific tariff preferences granted under the GSP in the form of reduced or zero tariff rates and the final criteria for which developing countries will benefit, according to a statement issued EU Delegation Nepal.

The new scheme will be focused on fewer beneficiaries (89 countries) to ensure more impact on countries most in need: 49 least developed countries in the 'Everything But Arms' scheme (including Nepal), and 40 other low and lower-middle income partners:

At the same time, more support will be provided to countries which are serious about implementing international human rights, labour rights and environment and good governance conventions, the statement added.

"I am delighted that EU Member States and Members of the European Parliament have backed the Commission's proposal to make our preferential import scheme more effective. It was an important recognition that key developing economies have become globally competitive. This now allows us to tailor our pro-development trade scheme to give the countries still lagging behind some additional breathing space and support," said EU Trade Commissioner Karel De Gucht. nepalnews.com