What is the GSP?
The Standard GSP targets developing countries that are classified by the World Bank as lower or lower-middle income countries and which do not have equal preferential access to the EU market through any other arrangement. Standard GSP beneficiary countries can benefit from duty suspension for non-sensitive products as well as duty reductions for sensitive products across approximately 66% of all EU tariff lines.
At a glance: GSP beneficiaries' preferential imports to the EU
5,97 M
Population
Presidential Republic
Government
1.50%
GDP Growth
3.20%
Inflation
$ 15,82 B
GDP
Facts about Congo's economy
Export Products
Congo's most important export product is by far petroleum oil and the country ranks among the top 10 of Africa’s oil producers. Other important export products include refined copper and tropical woods. Cocoa beans and coffee are the most important agricultural products for export.
Resource Wealth
The Republic of Congo has substantial mineral resources, the majority of which are yet untapped. Next to petroleum oil, these resources include iron ore, magnesium, diamonds, phosphate, copper, lead, zinc, and gold.
Trade Partners
China is Congo's major export market, with a share of 38%, followed by Brazil (12.1%) and the EU (7.8%). Regional trading partners such as Angola is an important source of imports (2.2% ). Nonetheless, the largest share of imports (31.1%) originates from Europe.
Economic Structure
Agriculture contributes with over 44 % the largest share to Congo's GDP, followed by the service sector (33%) and the industry sector (22.6 %). Oil rents contribute about 50% to the government's revenues, one of the highest shares in the world. This leaves the economy vulnerable to volatilities on international energy markets. Other relevant industries in Congo are cement, lumber, brewing, sugar, and palm oil.
Usage of GSP Preferences
Less than 1% of EU imports from the Republic of Congo are imported using GSP+ preferences.
Trade with the EU
Total trade between the EU and the Republic of Congo amounted to € 2,244 million in 2022. The EU is Congo's second most important trading partner with a share of 18.3 %, just behind China which accounts for 30.5 % of Congo's total trade.
Congo and the EU (2022)
Imports from Congo by product section
Imports from Congo over time (in € m)
CONGO AND THE EU’s GSP
Economic Impact
1%
Only a small share of 0.7% of the Republic of Congo's overall exports to the EU are eligible for preferential tariffs granted under the EU's GSP.
70%
With a preference utilisation rate of 70%, the Republic of Congo currently makes good use of GSP preferences.
Preference utilisation and export diversification
Congo's imports to the EU
Preference Utilisation vs. total eligible imports
Congo’s preference utilisation rate showed some fluctuations between 2011 and 2018, ranging from 42% to 81%. The fluctuations in the preference utilisation rate correspond to fluctuations in overall eligible imports. Between 2020 and 2022, the percentage of eligible imports decreased, resulting in a mere 0.71%.
The largest product sections under the GSP
Despite preferential imports remain limited to a small amount of products, the Republic of Congo belonged to those countries which showed progress towards more diversified exports following the last GSP reform.
SUSTAINABLE DEVELOPMENT
Congo maintains a high level of ratification of core international conventions, despite duty reductions granted by the Standard GSP are not bound to the ratification of any conventions. Congo has ratified 13 of the 15 core conventions on human rights and labour standards. Additionally, Congo has ratified 8 international conventions on environmental protection and 4 conventions which cover good governance topics like corruption and the control of drug trafficking.
Core international conventions on human rights and labour standards
Ratified
- International Convention on the Elimination of All Forms of Racial Discrimination (1969)
- International Covenant on Economic Social and Cultural Rights (1976)
- Convention on the Elimination of All Forms of Discrimination Against Women (1981)
- Convention Against Torture and other Cruel, Inhuman or Degrading Treatment or Punishment (1987)
- Convention on the Rights of the Child (1990)
- Convention concerning Forced or Compulsory Labour, No 29 (1930)
- Convention concerning Freedom of Association and Protection of the Right to Organise, No 87 (1948)
- Convention concerning the Application of the Principles of the Right to Organise and to Bargain Collectively, No 98 (1949)
- Convention concerning Equal Remuneration of Men and Women Workers for Work of Equal Value, No 100 (1951)
- Convention concerning the Abolition of Forced Labour, No 105 (1957)
- Convention concerning Discrimination in Respect of Employment and Occupation, No 111 (1958)
- Convention concerning Minimum Age for Admission to Employment, No 138 (1973)
- Convention concerning the Prohibition and Immediate Action for the Elimination of the Worst Forms of Child Labour, No 182 (1999)
Not Ratified
- International Covenant on Civil and Political Rights (1976)
- Convention on the Prevention and Punishment of the Crime of Genocide (1948)
Additional Conventions
- Convention on International Trade in Endangered Species of Wild Fauna and Flora (1973)
- Montreal Protocol on Substances that Deplete the Ozone Layer (1987)
- Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal (1989)
- Convention on Biological Diversity (1992)
- The United Nations Framework Convention on Climate Change (1992)
- Cartagena Protocol on Biosafety (2000)
- Stockholm Convention on persistent Organic Pollutants (2001)
- Kyoto Protocol to the United Nations Framework Convention on Climate Change (1998)
- United Nations Single Convention on Narcotic Drugs (1961)
- United Nations Convention on Psychotropic Substances (1971)
- United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (1988)
- United Nations Convention against Corruption (2004)
EU-Congo Bilateral Development Assistance
DG INTPA
Access all info about EU-Republic of Congo relations on the International Partnerships website: https://international-partnerships.ec.europa.eu/countries/congo-republic_en
Opportunities in Republic of Congo
- Geo-strategic location with a deep-water port (Pointe Noire) and a considerable potential for cross-border trade
- Further potential in the agricultural sector as only about 2% of arable land are currently cultivated
- Large potential for hydropower (estimated at 14 000 MW)
- Further potential related to the vast natural resources, including petroleum, wood, and iron ore.
Most recent events
| Date | Event |
|---|---|
| 2021‑10‑13 | GSP Engagement Workshop |
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By submitting a comment I confirm to have read the Terms and Conditions. Users should be aware that if in breach of the Terms and Conditions that their comments, replies and contributions can be removed from the website.
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