ASIA: Philippines Keeps Eurasian EU GSP Benefits Amid Regional Cull
23 November 2021
The Eurasian Economic Union (EAEU) has confirmed that the Philippines will continue to enjoy preferential tariffs under its Generalised System of Preferences (GSP) scheme. The news comes in the wake of a decision by the EAEU – an Eastern European trading bloc comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia – to cut the number of territories it extends GSP status to from 103 to just 29. While the Philippines has retained its eligibility, a number of other Asian economies – including China, Hong Kong, India, Singapore, South Korea, Thailand and Vietnam – have been less fortunate.
Among the Philippine-sourced products subject to a 25% cut in due customs duty under the terms of the EAEU GSP are furniture, industrial goods (notably natural rubber) and foodstuffs (including fish, meat, fruits, cacao, coffee, sauces, condiments and coconut derivatives). The entitlement also extends to gifts and houseware products, wooden items, basketware, imitation jewellery, statuettes, ceramics and artificial flowers.
- Southeast Asia