EU urged to consider its GSP+ status given to Sri Lanka

  • IASbaba
  • June 16, 2021
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EU urged to consider its GSP+ status given to Sri Lanka

Part of: GS Prelims and GS -II – International Relations and GS -III – Economy

In news

  • Recently, a resolution was adopted by the European Parliament, urging the European Union (EU) Commission to consider the temporary withdrawal of the Generalised Scheme of Preferences Plus (GSP+) status given to Sri Lanka.
  • It is a set of EU rules allowing exporters from developing countries to pay less or no duties on their exports to the European Union.
  • It helps developing countries to alleviate poverty and create jobs. 
  • The EU’s GSP is widely recognised as the most progressive in terms of coverage and benefits.
  • The EU continuously monitors and reviews GSP+ beneficiary countries’ effective implementation of the international conventions on human rights, labour rights. 
  • The GSP was adopted at UNCTAD in New Delhi in 1968 and was instituted in 1971
    • The United Nations Conference on Trade and Development was established in 1964 as a permanent intergovernmental body.
    • UNCTAD is the part of the United Nations Secretariat dealing with trade, investment, and development issues.

Generalized System of Preferences  (GSP)

  • Umbrella that comprises the bulk of preferential schemes granted by industrialized nations to developing countries.
  • Reduced Most Favored Nations (MFN) Tariffs or duty-free entry of eligible products exported by beneficiary countries to the markets of donor countries.

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