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Reawakening the GSTP – A Trading Bloc Often Overlooked

The Global System of Trade Preferences (GSTP) among Developing Countries, established in 1989, is not only a historic agreement but also an effective instrument for addressing today’s challenges. Created by the G77 bloc of developing countries, the GSTP aims to promote trade among nations in the Global South, primarily through preferential tariff reductions. Its 42 members across Africa, Asia and Latin America represent a combined market of $16tn, generating some $4.4tn in import demand for goods – almost 20% of global merchandise imports.

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Alastair Tempest

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