EU to Cancel China's GSP Trade Benefits

Home>>Business

Last updated at: (Beijing Time) Tuesday, August 19, 2003

EU to Cancel China's GSP Trade Benefits

DISCUSSION

CHINESE

SEND TO FRIEND

In a major blow to China's exports, the European Union says it is canceling some of the advantages enjoyed by Chinese commodities. The benefits are part of the generalized system of preference known as the GSP.

The cancellation will affect almost all Chinese exports to the EU, including textiles and apparel, household electronic appliances and optical equipment.

The EU says it will raise tariffs on Chinese commodities from the existing 3.5 percent to 5 percent in October.

It also plans to exclude Chinese commodities completely from the GSP in the first half of next year.

Under the GSP scheme, developed countries grant reduced tariffs to finished and half-finished industrial products from developing countries.

Analysts say the EU's GSP cancellation will not harm China's exports in a long run.

Questions?Comments? Click here

EU Discontinues GSP Privileges for Six Categories of Chinese Exports

US Conducts Land-based Missile Test ( 2 Messages)

Chinese Personages Appeal to Japan to Face up to History ( 2 Messages)

Disgraced Official Highlights Chinks in System ( 3 Messages)

Beijing's Economy Forecast to Grow 9-10 Percent in 2003 ( 2 Messages)

China Puts New Anti-AIDS Drug in Clinical Use ( 2 Messages)