31.10.2012 Official Journal of the European Union L 303/1 | (Legislative acts) REGULATIONS REGULATION (EU) No 978/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 25 October 2012 applying a scheme of generalised tariff preferences and repealing Council Regulation (EC) No 732/2008 THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 207 thereof, Having regard to the proposal from the European Commission, After transmission of the draft legislative act to the national parliaments, Acting in accordance with the ordinary legislative procedure (1), Whereas: (1) Since 1971, the Community has granted trade pref- erences to developing countries under its scheme of generalised tariff preferences. (2)  The Union's common commercial policy shall be guided by the principles and pursue the objectives set out in the general provisions on the Union’s external action, laid down in Article 21 of the Treaty on European Union (TEU). (3)  The Union aims to define and pursue common policies and actions in order to foster the sustainable economic, social and environmental development of developing countries, with the primary aim of eradicating poverty. (1) Position of the European Parliament of 13 June 2012 (not yet published in the Official Journal) and decision of the Council of 4 October 2012. ) ) ) O] O] The Union's common commercial policy is to be consistent with and to consolidate the objectives of the Union policy in the field of development cooperation, laid down in Article 208 of the Treaty on the Func- tioning of the European Union (TFEU), in particular the eradication of poverty and the promotion of sustainable development and good governance in the developing countries. It is to comply with World Trade Organisation (WTO) requirements, in particular with the Decision on Differential and More Favourable Treatment, Reciprocity and Fuller Participation of Developing Countries (the ‘Enabling  Clause), adopted wunder the General Agreement on Tariffs and Trade (GATT) in 1979, under which WTO Members may accord differential and more favourable treatment to developing countries. The Commission Communication of 7 July 2004 entitled ‘Developing countries, international trade and sustainable development: the function of the Community’s gener- alised system of preferences (GSP) for the 10-year period from 2006 to 2015 sets out the guidelines for the application of the scheme of generalised tariff pref- erences for the period 2006 to 2015. Council Regulation (EC) No 732/2008 of 22 July 2008 applying a scheme of generalised tariff preferences for the period from 1 January 2009 (), as extended by Regu- lation (EU) No 512/2011 of the European Parliament and of the Council of 11 May 2011 amending Council Regu- lation (EC) No 732/2008 (}) provides for the application of the scheme of generalised tariff preferences (‘the scheme’) until 31 December 2013 or until the scheme under this Regulation is applied, whichever is the earlier. Thereafter, the scheme should continue to apply for a period of 10 years from the date of application of the preferences provided for in this Regulation, except for the special arrangement for the least-developed countries, which should continue to be applied without any expiry date. L 211, 6.8.2008, p. 1. L 145, 31.5.2011, p. 28.