On October 31, 2012, the European Union (EU) issued a press release announcing a revised import preference system, known as the Generalised Scheme of Preferences (GSP) for developing countries, which is scheduled to become effective on January 1, 2014. The decision was announced after it was supported by both the Council and the European Parliament, and it includes reduced or zero tariff rates, and benefits for developing countries.

The press release explains that "The new scheme will be focused on fewer beneficiaries (89 countries) to ensure more impact on countries most in need. At the same time, more support will be provided to countries which are serious about implementing international human rights, labour rights and environment and good governance conventions."

The beneficiary countries under the GSP are divided into two parts - the Everything But Arms scheme, which contains 49 countries, and the Lower-Middle Income Partners group, which has 40 countries.

The product coverage on the current GSP is of 66% of tariff lines will be increased in order to incorporate a wider though limited expansion in products and preference margins, which focuses mostly on raw materials. The effective date of January 1, 2014 was set up to provide a longer transition period for the implementation of the new GSP.

The full text of the press release is available online here.