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Business

EU urges Philippines companies to maximize GSP+ scheme

The Philippine Star

MANILA, Philippines - The European Union has asked Philippine companies to step up efforts in taking advantage of the EU’s Generalized System of Preferences Plus (GSP+) to fully utilize the benefits of the scheme.

In a recent dialogue between EU officials and Philippine companies, the European Chamber of Commerce of the Philippines (ECCP) said the EU urged the Philippine business community to maximize and reap the full benefits of the GSP+ status grant.

While significant improvements have been seen in machinery and agri-food industries, the EU said there are still much more untapped development potential in trade following the GSP+ status grant.

The EU noted that despite the promising benefits of the EU GSP+ in trade, the Philippines pales in comparison with India, Bangladesh, and Pakistan which are seen to be the largest EU GSP+ users.

The Philippines became the only beneficiary country of the EU GSP+ in Southeast Asia after securing the grant status in December last year.

The EU GSP+ scheme allows beneficiary countries to export 6,274 products to any of the 28 members of the EU bloc at zero tariff for a period of 10 years.

Products that may avail of the duty-free access  include coconut and marine products, processed fruit, prepared food, animal and vegetable fats and oils, textiles, garments, headwear, footwear, furniture, umbrellas and chemicals.

Prior to securing EU GSP+ status, the Philippines was a beneficiary of the regular GSP program which covered 6,209 products, with 2,442 products subject to zero duty and the rest subject to lower tariffs.

The EU, however, stressed the EU GSP+ grant comes with a price, as beneficiaries are expected to comply with 27 international conventions as well as the EU reporting and monitoring procedure.

The ECCP said the Department of Trade and Industry already expressed its commitment in helping the Philippine company expand and diversify product lines.

DEPARTMENT OF TRADE AND INDUSTRY

EUROPEAN CHAMBER OF COMMERCE OF THE PHILIPPINES

EUROPEAN UNION

GENERALIZED SYSTEM OF PREFERENCES PLUS

GRANT

GSP

PHILIPPINE

PHILIPPINES

PRODUCTS

SOUTHEAST ASIA

STATUS

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