Paraguay: The European Commission, the executive body of the European Union (EU), has published a new report on the impact of its Special Incentive Arrangement for Sustainable Development and Good Governance (GSP+) promotion scheme, in which it advises that Paraguay will stop receiving GSP+ benefits. The GSP+ scheme removes EU custom duties on two-thirds of the products imported from beneficiary countries as a way to promote the economic development of developing countries. However, the new report notes that Paraguay will stop receiving these benefits from 1 January 2019 after the country has been classified as an upper-middle income country by the World Bank for three consecutive years.
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