The European Union has adopted a new regulation to maintain preferential access to its market for 176 developing countries, the European Commission said in a statement Wednesday, reports bdnews24.com.

The regulation was adopted by applying its generalised system of preferences for the period from Jan 1, 2009 to the end of 2011.
 
The statement said the preferential system would be updated and improved, ensuring that GSP is targeted at those countries that need it most.
 
GSP provides real economic value for developing countries, with 57 billion euros worth of trade under the scheme in 2007.
 
EU trade commissioner Peter Mandelson said: "The continuation of GSP will ensure stability and predictability for beneficiaries and traders in the EU and developing countries. GSP is a vital tool of our pro-development EU trade policy."
 
Because of recalculations to reflect the evolution of trade, preferences for specific products will be re-established for six beneficiary countries: Algeria, India, Indonesia, Russia, South Africa and Thailand.
 
Preferences will be suspended for Vietnam for Section XII products (footwear and some other products).
 
Alongside the standard GSP scheme, the EU also offers a special incentive arrangement for sustainable development and good governance, known as GSP+.
 
GSP+ offers additional preferences to support vulnerable developing countries in their ratification and implementation of relevant international conventions on human and labour rights, environmental protection and good governance.
 
Interested countries have until Oct 31 to apply to benefit for GSP+ preferences from January 2009.

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