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Updated system of GSP of EU to create investment opportunities for Kyrgyzstan

YarnsandFibers News Bureau 2014-10-10 17:00:00 – Kyrgyzstan

Kyrgyzstan has been using the scheme of Generalized System of Preferences (GSP) since 1993. Under this scheme, the EU provides preferences for the import of about 7,000 items. Of these, 3,300 headings provided duty-free access, and 3,700 apply reduced rates of customs duties.

Kyrgyzstan plans to join the updated system of general preferences of the European Union, the Ministry of Economy of the KR reported.

Changes in the current GSP regime was approved in October 2012 and entered into force in 2014. GSP schemes+ provide duty-free access to goods, for which the standard GSP provides a tariff reduction and expands the list of preferential goods

Under the scheme of GSP+ the KR will receive duty-free access to the EU market for goods, which it already exports, or goods that a country would like to promote in the future. These are textiles, raw and processed fruit.

By obtaining the updated the GSP+ status of EU, new opportunities for investment will be created for Kyrgyzstan.

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