Generalised System of Preferences (GSP) of EU

India and Indonesia were the top 2 beneficiaries of the European Union’s Generalised System of Preferences (GSP) schemes for exports in 2022.
In 2023, however, the situation is expected to change significantly as some of the largest recipients of GSP benefits, including several sectors from India, graduated out of the scheme.
Under the GSP scheme, the EU allows identified products originating in certain developing countries preferential access to its markets in the form of reduced or zero rates of customs duties.

As the items become more competitive and reach a particular threshold, the GSP is withdrawn.

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