The revised scheme, known as the Generalized Scheme of Preferences (GSP), will take effect on Jan. 1.

The EU says it will cut the number of beneficiaries to 89 from the current 176 to "ensure more impact on countries most in need."

EU Trade Commissioner Karel De Gucht says he is "delighted that EU Member States and Members of the European Parliament have backed the Commission's proposal to make the preferential import scheme more effective."

The commissioner adds that "it was an important recognition that key developing economies have become globally competitive."

According to the EU statement, the new GSP will cover a wider though limited expansion of products and preferences, along with a longer transition period for the application of the new GSP.

Among the 89 new beneficiaries, 49 are so-called "least developed" nations in the "Everything But Arms" scheme. The other 40 are low and lower-middle income partners, which include China.