I. Introduction - Following recent adoption by the EU Council, the Regulation imposing the new EU Generalised Scheme of Preferences (GSP) for developing countries – Regulation 978/2012 – was published on 31 October 2012 in the Official Journal of the EU.
The new EU GSP regime introduced by Regulation 978/2012 will not replace the current GSP regime – and repeal the current GSP Regulation, Regulation 732/20082 – until 1 January 2014, so the existing GSP tariff preferences outlined in Regulation 732/2008 continue to apply in the meantime. At the same time, Regulation 978/2012 will enter into effect already on 20 November 2012 (i.e. 20 days after its publication). This has an impact on certain timeframes relating to the new GSP regime, as explained below.
For more information about the key features of the new GSP regime, such as country and product coverage and the graduation of product sections, please see our Client Alert following adoption of the new GSP Regulation by the EU Council of 9 October 2012.
Please see full alert below for more information.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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