NEW DELHI: The European Union has renotified the list of products on which preferential tariffs for Indian goods will continue until Dec 2028, officials said.Over the years, benefits for Indian exports under the generalised system of preferences (GSP) have been reduced and around 47 per cent of India’s exports to the EU, valued at $35.6 billion, are currently outside the scope of EU’s list of preferential tariffs.
GSP comes with “graduation” rules, providing for withdrawal of preferences once exports in a product group cross a threshold for three consecutive years. The EU is mandated to review the list of products every three years and the same set of goods was notified for another three years, starting January 1, said govt officials here.They added that several labour-intensive sectors are expected to benefit from the India-EU FTA that is likely to be announced next week.
