On May 10, 2011, the European Commission unveiled a proposed Regulation on the EU’s new General System of Preferences (“GSP”) that should enter into force at the latest on January 1, 2014. This proposal must now be examined by the Council and the European Parliament. The product scope of the GSP remains unchanged.
As well, products remain categorized into:
- non-sensitive products which can be imported into the EU duty-free except for agricultural components;
- sensitive products for which the EU customs duty rate is decreased by 3.5 percentage points for most products