The European Commission’s (EC) proposal to extend the EU Generalised Scheme of Preferences (GSP) will open opportunities for the Philippines, which aims to become an export powerhouse by 2028, according to the Department of Trade and Industry (DTI).
THE European Commission’s proposal to extend the European Union Generalised Scheme of Preferences will open opportunities for the Philippines, which aims to become an export powerhouse by 2028, according to the Department of Trade and Industry .
The EC, which is responsible for drawing up proposals for new European legislation, among others, said in the document it is “necessary” to ensure continuity in the operation of the scheme beyond December 31, 2023 or the expiry date of the GSP. In a statement on Wednesday, the DTI said, “The proposed extension comes at an opportune time and is expected to open a multitude of opportunities for the Philippines.”
The GSP is a preferential trade arrangement that imposes reduced or zero tariffs on exports to the EU market from developing countries, including the Philippines. “It also serves as an incentive for European companies to explore partnerships and invest in the Philippine market, fostering economic growth and facilitating employment generation,” the Trade department said in a statement on Wednesday.
According to the European Union, the GSP consists of three arrangements: the Standard GSP, GSP+ and the Everything But Arms .
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