GSP in export business stands for Generalized System of Preference. GSP is one kind of Scheme of Preferential Tariff System.
Under the GSP scheme, members of the World Trade Organization (WTO) reserve the right to grant any developing nation preferential or nil customs duty status.
A new update, from January 1st, 2014, the European Commission (EU) has decided to remove India and other developing nations out of its GSP scheme and end the preferential tariff system of imports.
Learn more about GSP in the following page.
Generalised Scheme of Preferences (europa.eu)
