(MENAFN- Kuwait News Agency (KUNA)) The European Union (EU) Wednesday issued its revised import preference scheme known as the Generalised Scheme of Preferences (GSP) for developing countries, which will take effect from January 1, 2014.
The new scheme will focus on fewer beneficiaries; 89 countries, to ensure more impact on countries most in need, said the European Commission in a statement.
Countries which have been listed by the World Bank as high or upper-middle-income economies for the past three years will not benefit from the new GSP.
These are eight high-income countries; Saudi Arabia, Kuwait, Bahrain, Qatar, United Arab Emirates, Oman, Brunei Darussalam and Macao, noted the statement.
All six GCC countries currently benefit from the EU's GSP.
The GSP aims at helping developing countries by making it easier for them to export their products to the EU. This is done in the form of reduced tariffs for their goods when entering the EU market.
"I am delighted that EU Member States and Members of the European Parliament have backed the Commission's proposal to make our preferential import scheme more effective," said EU Trade Commissioner Karel De Gucht.
The new scheme is expected to start with 89 beneficiaries: 49 least developed countries in the Everything But Arms scheme, and 40 other low and lower-middle income countries.
The current GSP scheme will remain valid until January 1, 2014.
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