The European Union (EU) issued on Wednesday its revised import preference scheme for developing countries most in need, cutting number of beneficiaries.

The revised scheme, known as the Generalised Scheme of Preferences (GSP), will take effect from Jan. 1, 2014, according to an EU statement.

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

"I am delighted that EU Member States and Members of the European Parliament have backed the Commission's proposal to make our preferential import scheme more effective," said EU Trade Commissioner Karel De Gucht.

"It was an important recognition that key developing economies have become globally competitive," said the commissioner.

"This now allows us to tailor our pro-development trade scheme to give the countries still lagging behind some additional breathing space and support," he said.

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, said the EU statement.

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