1.3.2001 Official Journal of the European Communities L 60/43 COUNCIL REGULATION (EC) No 416/2001 of 28 February 2001 amending Regulation (EC) No 2820/98 applying a multiannual scheme of generalised tariff prefer- ences for the period 1 July 1999 to 31 December 2001 so as to extend duty-free access without any quantitative restrictions to products originating in the least developed countries THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 133 thereof, Having regard to the proposal from the Commission, Whereas: (1)  Article 6 of Council Regulation (EC) No 2820/98 of 21 December 1998 applying a multiannual scheme of generalised tariff preferences for the period 1 July 1999 to 31 December 2001 (") provides for more favourable tariff treatment for the least developed countries. (20  The Community's multiannual scheme of generalised tariff preferences has to be reviewed before the end of 2001 in order to decide what amendments are required for the last phase of the ten-year period of the scheme up to 2004. (3) At the Singapore ministerial conference in December 1996 the World Trade Organisation (WTO) member countries pledged to carry out an action plan to improve access to their markets for products originating in the least developed countries. () On 2 June 1997 the Council, on the basis of a Commis- sion communication of 16 April 1997, adopted conclu- sions calling for the Singapore conclusions to be imple- mented by granting least developed countries not party to the Lomé Convention preferences equivalent to those enjoyed by signatories and, in the medium term, duty- free access for essentially all least developed country products. (5)  Regulation (EC) No 602/98 (?) granted least developed countries (LDCs) not party to the Lomé Convention preferences equivalent to those enjoyed by signatories to the Convention. (6)  Article 37(9) of the Partnership Agreement between the Members of the African, Caribbean and Pacific States, of the one part, and the European Community and its Member States, of the other part, signed at Cotonou (Benin) on 23 June 2000 and put into early application by Decision No 1/2000 of the ACP-EC Council of Minis- ters (?), states that, by the year 2000, the Community () OJ L 357, 30.12.1998, p. 1. Regulation as amended by Regulation (EC) No 1763/1999 (O] L 211, 11.8.1999, p. 1). () O L 80, 18.3.1998, p. 1. () O] L 195, 1.8.2000, p. 46. (10) will start a process which, by the end of multilateral trade negotiations and at the latest 2005, will allow duty-free access for essentially all products from all LDCs, building on the level of the existing trade provi- sions of the fourth ACP-EC Convention. In the light of the real risk of the LDCs becoming increasingly marginalised in the world economy, the Community must go even further than these undertak- ings and grant all products from LDCs, except arms and munitions, duty-free access without quantitative restric- tions immediately. In the light of the fact that the arrangements for the common organisation of the markets in sugar, rice and bananas are currently being revised or are due to be revised, the Regulations regarding these reforms will have to take account of duty-free access for the LDCs from the outset when they establish new general import arrangements. Provision should be made for free access for bananas through a process of progressive tariff elimination starting on 1 January 2002 and which is to result in full liberalisation on 1 January 2006, which is the date envisaged for the entry into force of the rate of the common customs tariff for fresh bananas established under the procedure provided for in Article XXVIII of the General Agreement on Tariffs and Trade pursuant to Council Regulation (EC) No 216/2001 of 29 January 2001 amending Regulation (EEC) No 404/93 on the common organisation of the market in bananas (¥. Provision should be made for free access for rice and sugar through a process of progressive tariff elimination starting in 2006, when the current financial perspectives expire, and which is to result in full liberalisation in 20009. In order to provide effective market access following the entry into force of this Regulation and until full liberali- sation, duty-free tariff quotas should be opened for increasing quantities of rice and raw sugar originating in LDCs. The initial quantities of these global tariff quotas for the LDCs should be based on their best export levels to the Community in the recent past. In addition, a significant growth factor should be immediately applied () O] L 31, 2.2.2001, p. 2.