what is this terminology?

[Former Member]

hi experts.

Can you tell me what are this exactly?

1)These products have the preferential origin EU.

2)These products have preferential origin EC.

[Former Member · Accepted solution]

HI

Preferential Treatment

If the products or a part of the products you import qualify as originating in your country, they may qualify for preference. When you import goods that qualify for preference, you pay little or no customs duties.

Example

For example, if your company is located in the European Union and you exported raw or semi-finished materials to be used for manufacturing products in another country and those materials are returned to your country, they may qualify for preference when you import them. Therefore, you may not have to pay customs duties on such goods.

In the SAP System, preference determination is a 2-step process - the first step determines whether a product is authorized for preference handling - the second step calculates the actual preference price.

General System of Preferences

The EU’s general system of preferences (GSP) for developing countries boosts the development of trade and is based on trade concessions granted autonomously by industrialized nations.

The GSP permits Latin American and Asian countries to export goods to the European Union at lower than normal duty rates for manufactured goods and processed agricultural products. This program is also offered to promote the ideals of the European Union in the developing world.

http://help.sap.com/saphelp_470/helpdata/en/93/7447b5546011d1a7020000e829fd11/frameset.htm

Message was edited by:

SHESAGIRI.G

[Former Member]

i think EU stnds for Europe and EC European Currency