On 4 October 2012, the European Council of Ministers adopted the new EU scheme of generalised tariff preferences (GSP) for developing countries, which will replace the current GSP regime in the future. The new scheme is largely based on a 2011 proposal by the European Commission, subsequently amended and adopted by the European Parliament on 13 June 2012. The new Regulation will be published in the Official Journal of the EU before the end of 2012, and will apply as of 1 January 2014.
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