EU urged to consider its GSP+ status given to Sri Lanka
Part of: GS Prelims and GS -II – International Relations and GS -III – Economy
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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.
