What is GSP+ scheme?
The EU’s Generalised Scheme of Preferences Plus ( GSP +) gives developing countries a special incentive to pursue sustainable development and good governance. Eligible countries have to implement 27 international conventions on. human rights. labour rights. the environment.
Does Sri Lanka have GSP+?
Sri Lanka lost access to GSP Plus in 2010 due to alleged human rights violations but regained it in 2016 after pledging to implement 27 international conventions.
What are the benefits of GSP+?
GSP+ : a special incentive arrangement for sustainable development and good governance. GSP+ slashes these same tariffs to 0% for vulnerable low- and lower-middle income countries that implement 27 international conventions related to labour and human rights, environmental and climate protection, and good governance.
What is GSP concession?
What is GSP? • EU’s Generalised Scheme of Preferences is a system of unilateral trade concessions that reduces/eliminates tariffs on a range of exports from developing countries. • GSP is used to increase export revenue in developing countries to reduce poverty, promote sustainable development & good governance.
What are the benefits of GSP and GSP+ bring for the exports from Sri Lanka to EU?
Under Sri Lanka’s GSP+ scheme, the EU tire industry can import Sri Lankan rubber inputs at zero duty. However, the GSP+ benefits for the EU rubber industry are less pronounced compared to the garment industry, given that the tariff differential for rubber is less significant.
What does Sri Lanka Export?
Sri Lanka exports mostly textiles and garments (52% of total exports) and tea (17%). Others include: spices, gems, coconut products, rubber and fish. Main export partners are United States, United Kingdom, Germany, Belgium and Italy.
Which countries are eligible for GSP?
The following 15 countries grant GSP preferences: Armenia, Australia, Belarus, Canada, the European Union, Iceland, Japan, Kazakhstan, New Zealand, Norway, the Russian Federation, Switzerland, Turkey, United Kingdom and the United States of America.
What is a GSP eligible country?
The following independent countries are GSP-eligible beneficiary developing countries: Afghanistan. Congo (Brazzaville) Jamaica. Nepal. Tanzania.
What is the status of GSP?
Expired on December 31, 2020 – Pending Congressional renewal. GSP is the largest and oldest U.S. trade preference program that provides nonreciprocal, duty-free treatment enabling many of the world’s developing countries to spur diversity and economic growth through trade.
Does GSP comes under WTO?
The Enabling Clause is the WTO legal basis for the Generalized System of Preferences (GSP). Under the GSP, developed countries offer non-reciprocal preferential treatment (such as zero or low duties on imports) to products originating in developing countries.
What is GSP in Sri Lanka?
The GSP+ is a non-reciprocal trading arrangement whereby Sri Lanka does not have to lower tariffs in return but is required to implement certain non-trade related conventions to benefit from preferential access.
Is GSP still expired?
Expiration of GSP SPI “A,” “A+,” and “A*” On December 31, 2020, the GSP SPIs (“A,” “A+,” and “A*”) expired and is currently pending Congressional action to pass legislation for the program’s renewal.