Brussels, 19/03/2012 (Agence Europe) - On Friday 16 March, European trade ministers gave their backing to the compromise reached by the Danish Presidency of the EU Council on the draft regulation updating the EU Generalised System of Preferences (GSP), for which the structure is due to expire end 2013. The presidency will, therefore, soon be submitting to COREPER a mandate for trialogue negotiation with Parliament.
Out of the five main areas of the proposal presented by the Commission in May 2011, no change has been made by ministers on the subject of geographic coverage or preferential margins, or on the GSP+, the special system to promote sustainable development and good governance. Suggestions were nonetheless made concerning the coverage of products and certain safeguard measures, and the presidency suggested including a maximum transitional two-year period to ensure greater flexibility for countries with intermediary level revenue in their transition to free trade, explained Denmark's Trade Minister Pia Olsen Dyhr. (EH/transl.jl)