PUBLISHED THE EUROPEAN REGULATION SUSPENDING SPECIFIC GSP TARIFF PREFERENCES
The European Union has published the Regulation* suspending GSP (Generalized System of Preferences) tariff preferences in respect of Countries and products as table below. The duty will apply from 1 January 2014 until 31 December 2016. During that period, imports in the EU will pay the MFN (Most Favoured Nation) duty nevertheless the presentation of a FORM A certificate.
The measure is due to a “safeguard mechanism” of GSP system: the tariff preferences shall be suspended, in respect of products of a GSP section originating in a GSP beneficiary country, when the average value of Union imports of such products over three consecutive years from that GSP beneficiary country exceeds the 17,5% (14,5% for textile products) calculated on the total value of Union imports of the same products from all GSP beneficiary countries.
-TABLE-LIST OF SUSPENDED PREFERENCES**
||- All industrial products
- Raw hides and skins and leathers (Chapter 41)
- All textile materials (From chapter 50 to chapter 60)
- Motor vehicles, bicycles, aircraft and spacecraft, ships and boats (Chapter 87)
||- Raw hides and skins and leathers (Chapter 41)
||- Railway and tramway vehicles and products (Chapter 86)
||- Pearls and precious metals
* Commission Implementing Regulation (EU) No. 1213/2012
** The table only lists industrial products from chapter 39 to chapter 98 of Harmonised System. For products included in other chapters, please contact us.
EUROPEAN UNION AND UNITED STATES TO LAUNCH NEGOTIATIONS FOR A FREE TRADE AGREEMENT
The EU and US have decided to take their economic relationship to a higher level by agreeing to launch negotiations for a comprehensive trade and investment agreement.
The “High Level Working Group”, created in November 2011, has published on February, 11th, his final report analysing policies and measures for a bilateral economic growth and international competitiveness and recommending the launch of negotiations.
Negotiations will aim to achieve ambitious outcomes in three broad areas:
a)Market access: removal of all duties in industrial and agricultural products and liberalization of services, investment and procurement.
b)Removal of Non-Tariff Barriers and mutual recognition of technical standards.
c)Address the negotiations to go beyond bilateral trade and to contribute to the strengthening of the multilateral trading system.