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Developing countries to boost trade

Agreement was reached yesterday on the Global System of Trade Preferences (GSTP) which has concluded six years of negotiations.

There are 43 parties to the GSTP and twenty-two of them participated in the six-year Sao Paolo round of negotiations. This agreement is initially taken up by 8 participants which include Cuba, Egypt, India, Indonesia, Republic of Korea, Malaysia, Morocco and the Mercosur group of countries in South America. But other parties are expected to join the protocol agreed at a later date.

The GSTP was established in 1989 and provides a framework for preferential tariff concessions and other measures which will stimulate trade as a result of co-operation amongst developing countries.

This latest agreement will slash tariffs by an impressive 20% on at least 70% of products exported. The result of this will be an expansion in south-south trade and should provide a major source of economic growth, not just for developing countries but for the global economy as a whole.

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Posted in Development, economic growth, Tariffs

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