• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Advertisement
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Economy

EU’s Generalised Scheme of Preferences

June 16, 2021
in Economy
Reading Time: 3 mins read
0
EU’s Generalised Scheme of Preferences
158
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook
image_pdfMake PDF

In news- A resolution has been adopted by the European Parliament, urging the EU Commission to consider temporary withdrawal of the GSP+ status given to Sri Lanka.

Key updates-

  • Sri Lanka regained the EU’s ‘Generalised Scheme of Preferences’ in 2017 on its commitment to implement 27 international conventions on human rights, labour conditions, protection of the environment and good governance. 
  • The status effectively removes import duties on goods from Sri Lanka entering the EU.
  • EU parliament on June 10 adopted a resolution expressing deep concern over Sri Lanka’s alarming path towards the recurrence of grave human rights violations, aminly in reference to the use of the Prevention of Terrorism Act (PTA).
  • The resolution highlighted the “accelerating militarisation” of civilian government functions in Sri Lanka.
  • The resolution came ahead of a periodic review of the ‘GSP +’ concessions accorded to the country.

Generalized Scheme of Preferences (GSP)-

  • The GSP was instituted in 1971 under the aegis of UNCTAD to create an enabling trading environment for developing countries. 
  • The following 13 countries grant GSP preferences: Australia, Belarus, Canada, the European Union, Iceland, Japan, Kazakhstan, New Zealand, Norway, the Russian Federation, Switzerland, Turkey and the United States of America.
  • Following the WTO Hong Kong Ministerial Decision in 2005, improvements were made to various GSP schemes and new schemes for LDCs were launched. 
  • The provision and utilization of trade preferences is a key goal of the Istanbul Program of Actions adopted at the UN LDC IV in 2013, and further reaffirmed in SDGs Goal 17.
  • The objective of UNCTAD’s support on GSP and other preferential arrangements is to help developing countries, particularly LDCs, to increase utilization of GSP and other trade preferences and in turn promote productive capacity development and increased trade. 
  • The EU’s GSP removes import duties from products coming into the EU market from vulnerable developing countries. 
  • This helps developing countries to alleviate poverty and create jobs based on international values and principles, including labour and human rights.
  • The EU offers 3 types of GSP:

Standard GSP: It is for low and lower-middle income countries. This means a partial or full removal of customs duties on two thirds of tariff lines.

GSP+: the special incentive arrangement for sustainable development and good governance. It slashes these same tariffs to 0% for vulnerable low and lower-middle income countries that implement 27 international conventions related to human rights, labour rights, protection of the environment and good governance.

EBA (Everything But Arms): the special arrangement for least developed countries, providing them with duty-free, quota-free access for all products except arms and ammunition. They are automatically granted the benefits of the EBA even if they have another arrangement in place.

  • Developing countries are automatically granted GSP if they:
  • Are classified as having an income level below “upper middle income” by the World Bank.
  • Do not benefit from another arrangement (like a Free Trade Agreement) granting them preferential access to the EU market.
image_pdfMake PDF
Source: The Hindu
Tags: PrelimsThe Hindu

Related Posts

National Startup Advisory Council (NSAC)

National Startup Advisory Council (NSAC)

May 20, 2022
State of Inequality in India Report

State of Inequality in India Report

May 19, 2022
Gold hallmarking

Gold hallmarking

May 4, 2022
MSME Sustainable (ZED) Certification Scheme

MSME Sustainable (ZED) Certification Scheme

May 3, 2022
India Semiconductor Mission

India Semiconductor Mission

May 3, 2022
Atal New India Challenge 2.0 (ANIC 2.0)

Atal New India Challenge 2.0 (ANIC 2.0)

April 30, 2022
Labour Force Participation Rate (LFPR)

Labour Force Participation Rate (LFPR)

April 29, 2022
All-India Household Consumer Expenditure Survey

All-India Household Consumer Expenditure Survey

April 26, 2022
Fincluvation

Fincluvation

April 23, 2022
Global Ayush Investment and Innovation Summit 2022

Global Ayush Investment and Innovation Summit 2022

April 22, 2022
Please login to join discussion
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tag

AIR BBC Business Standard CNN Deccan Herald DownToEarth Down to Earth DTE Economic Times ET GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express India today Indiatoday Kurukshetra LiveMint Mains News News Paper Newspaper PIB PIB & The Hindu pre Prelims PRS India RSTV Science Reporter Survey The Hindu The Hindustan Times The India Express The Indian Express The New Indian Express Times of India TOI TOPPERS UNDP website Wikipedia Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In