EU Will Temporarily Cancel GSP Preferential Treatment For Some Products In Kampuchea
The European Commission issued a draft authorization regulation in February 12, 2020, which will temporarily rescind GSP preferential treatment for some products such as clothing, footwear, travel products and sugarcane in Kampuchea. Since the European Parliament and the EU Council of ministers have not objected within 2 months after receiving the notification from the European Commission, the draft has been formally approved by the bulletin of the European Union L127 in April 22, 2020. The regulation No. 550th of 2020 (Commission Delegated Regulation (EU) 2020/550) came into effect on April 25, 2020 and has been implemented since August 12, 2020.
According to the second article of the authorized regulation, if the authorization rules cover products before August 12, 2020, which is already on the way to the EU and the destination cannot be changed, the products are still entitled to preferential treatment, but they must be left by valid ocean bill of lading.
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