BRUSSELS, March 16 (Xinhua) -- The European Commission on Tuesday launched a public consultation on review of the European Union (EU)'s trade policy towards developing countries.

EU Trade Commissioner Karel De Gucht announced the launch of the consultation at a conference, which was designed to discuss publicly how to maintain the effectiveness of the EU's General System of Preferences (GSP) in promoting development, how to make the most of regional trade agreements with developing countries, and how to encourage sustainable development.

But the consultation was specifically about the review of the EU's GSP scheme, under which the EU grants tariff preferences to developing countries. The results of the consultation would feed into the commission's future proposal on an updated GSP regulation.

"In formulating its trade policy towards developing countries the EU needs to take into account recent changes in the global economic landscape with emerging economies playing an increasingly important role. However, more vulnerable developing countries are still facing challenges in exploiting the full potential of trade, " said De Gucht.