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Overview of the EU-new GSP Scheme
The European Community has implemented a GSP scheme since 1971. The EU's GSP grants products imported from GSP beneficiary countries either duty-free access or a tariff reduction depending on which of the five GSP arrangements the country enjoys. The EU's GSP is implemented following cycles of ten years. The present cycle began in 2006 and will expire in 2008. In practise, the GSP is implemented through Council Regulations during the ten-year cycle.
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