The government on Thursday said that the latest notification by the European Union (EU) regarding Generalised System of Preferences (GSP) concession will not alter the duties for Indian products entering the 27-member bloc.
Extension of Exclusions
The notification just extends the validity order of 2023 that had excluded chemicals, plastics, leather, textiles, stone and glass products, precious metals, base metals, machinery, electrical equipment, and rail transport from GSP benefits.
The 2023 order was valid till 31, December 2025. On December 1, 2025 the period of validity of that order was extended till December 2028, officials said.
Progressive GSP Suspensions
Since 2016, the EU has progressively suspended GSP tariff preferences for India across an expanding set of product sections.
As a result of this phased withdrawal, by 2024-25, nearly 47% of India’s exports to the EU, valued at $ 35.6 billion, are currently outside the scope of EU GSP preferences. Only 53% or $ 40.2 billion remain GSP-eligible, officials added.