Last month the EU granted Cape Verde Generalised System of Preferences (GSP) + status. This is a trade scheme which gives the archipelago preferential access to the EU market provided certain conditions of good governance are fulfilled.
Any country benefiting from GSP+ must adhere to 27 core international conventions that implement good governance, which respect human and labour rights, as well as conventions which respect the environment. Cape Verde has fulfilled all these provisions to benefit from the enhanced access to the EU. In addition Cape Verde can continue to enjoy this preferential access after its graduation from the "Everything But Arms" (EBA) initiative.
Cape Verde is the first African nation to sign up to this scheme which should help the country continue on its path to sustainable development. GSP+ and EBA currently give preference for exports from 176 developing countries into the EU. Until 2008 Cape Verde was classified as being a "Least Developed Country" and after graduating from this status was given a three-year transition period, which expired at the end of last year in order to allow market operators to adjust to a different tariff regime.
Cape Verde is involved in negotiations for a comprehensive Economic Partnership Agreement between West Africa and the EU. This agreement would give West African countries much greater development prospects as it not only allows goods to be traded more freely but also services and investments which are quickly becoming a major part of Cape Verde’s economy.
The GSP scheme is due to expire on the 31 December 2013 and the present system is already being discussed by the European Parliament to enhance the attractiveness of the scheme and ensure better compliance to the 27 conventions. At the moment the EU is Cape Verde's main export and import partner, as in 2010 Cape Verde exported €36 million worth of goods, most of which were foods and textiles.
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