Senator Sherwin Gatchalian on Sunday, July 16, expressed his support to the proposed renewal of the Philippines’ participation in the Generalized Scheme of Preferences Plus (GSP+). | ManilaBulletin READ:
Senator Sherwin Gatchalian on Sunday, July 16, expressed his support to the proposed renewal of the Philippines’ participation in the Generalized Scheme of Preferences Plus .Gatchalian said continuing the Philippine’s participation in the European Union’s GSP Plus will boost the competitiveness of the country’s exports and increase investment prospects.
“I am hopeful that the members of the EU Parliament were able to appreciate our discussions and initiatives towards building strong partnership between the Philippines and the EU and will vote favorably for the European Commission’s proposed renewal of the grant of EU GSP+ privileges to the Philippines,” Gatchalian said.
A special incentive arrangement for low and lower-middle-income countries, the GSP+ is a unilateral trade arrangement offering zero tariffs on 6,274 products or 66 percent of all EU tariff lines. PH exports to the 27 European Union countries also increased from US$ 6.4-billion in 2020 to US$ 8.6-billion in 2021, attributing to the surge in the exports of crude coconut oil, skipjack tuna, semiconductor devices, and digital monolithic integrated circuits, among other products.
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