Venezuela sheds trade advantages at the EU in 2014, 31th October 2012
Argentina, Brazil, Cuba, Venezuela and Uruguay are in the list of countries that will stop being the recipients in 2014 of trade incentives by the European Union (EU), reported on Wednesday the community executive board. All of them are included in the list of 12 countries that will be taken out from the Generalized System of Preferences (GSP) for being lately labeled as middle-high income economies by the World Bank (WB), Efe reported. Exports to Europe from many of those countries are expected to undergo "limited reductions" around 1%, the European Commission (EC) stated in a press release. The revision of the GSP, already agreed upon by Member States and the European Parliament, seeks to focus the trade benefits on the neediest countries, putting aside the nations that have attained higher development levels. In this way, eight countries, including Venezuela, will be deprived of the trade advantages that they used to receive for multiple goods and materials. According to the CE, such change will make no impact on this group of countries, as their products already have advantages