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Glossary

Generalised System of Preferences - GSP

The Generalised System of Preferences (GSP) is a trade preference program that gives opportunities to the economically unstable companies of the world to grow their trade.

Established in 1971, this scheme allows countries to pay lower duties on exports, helping them reduce poverty and boost economy.

The GSP has the following three arragements:

  • Standard GSP: Tariff reductions or suspensions for poor countries, subject to income restrictions.
  • GSP+: Even lower tariffs for countries that meet certain human rights, labour, and environmental standards.
  • EBA (Everything But Arms): Duty-free and quota-free access for the least developed countries, excluding arms.