Council of the European Union 27 June 2005, Council Regulation (EC) No 980/2005 of 27 June 2005 applying a scheme of generalised tariff preferences

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The Council Regulation (EC) No 980/2005 establishes a scheme of generalised tariff preferences aimed at promoting sustainable development and good governance in developing countries through tariff reductions and suspensions. Key provisions include a general arrangement applicable to all beneficiary countries, a special incentive arrangement for those meeting specific governance and sustainability criteria, and a special arrangement for least developed countries providing duty-free access. The regulation is set to apply until December 31, 2008, with mechanisms for monitoring compliance and ensuring that preferences are granted only to eligible countries.AI