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Since the Philippines' successful application to the GSP+ in 2014, Philippine exports have benefited from increased market access, resulting in considerable double-digit growth in exports to the EU. The current GSP scheme's regulation will expire on December 31, 2023.
The European Commission published in September the proposal for the EU GSP Scheme for 2024 to 2034 and its Impact Assessment. The Commission proposes to improve some of the scheme’s major aspects in order to better respond to the evolving needs and challenges of GSP beneficiaries as well as reinforce the scheme’s social, labor, environmental, and climate dimensions. The EU's ability to employ trade preferences to provide economic opportunities and enhance sustainable development is strengthened under the new GSP framework.
The GSP+ 2024-2034 requires, among others, the ratification of six (6) additional conventions and submit a plan of action for the effective implementation of the relevant conventions. Current GSP+ beneficiaries, should they decide to reapply, will be provided a two (2) year transition period to comply with the new requirements. The tariff preferences under the current GSP+ Scheme will continue to apply, pending the results of the application, to ensure business continuity and legal certainty for economic operators. Furthermore, there are no changes to the list of products covered by the Scheme.
Philippine exporters are encouraged to provide feedback on the proposed GSP+ Scheme through the EC Portal from 23 September 2021 - 19 November 2021 (midnight Brussels time).