OREANDA-NEWS. On 09 July 2009 was announced, that Generalized System of Preferences (GSP) benefits may be restored for Belarus in early 2010, First Deputy Prime Minister Vladimir Semashko said during a joint session of the two chambers of parliament.

According to Semashko, “Europe made it clear during the Eastern Partnership summit in Prague on May 7 that Belarus might get back to GSP.”

Belarus used to enjoy benefits amounting to USD 80-85 million annually.

Semashko believes Belarus will be able to join the European free trade area in about three or four years and have minimum customs duties in trade with the EU.

The EU decided to strip Belarus of its GSP benefits on June 21, 2007.

The removal of tariff preferences reinstated the standard tariffs applied to goods imported in the EU – which represents a difference of 3% as compared to GSP tariffs. The withdrawal affected around 10% of Belarus’ exports.