This paper looks into the general system of preferences of the European Union (EU) (henceforth referred to as the EU GSP system). In order to account for new EU trade agreements and emerging economies, the EU GSP system was reformed according to Regulation (EU) No 987/2012). The new EU GSP system was set into force in 1st January 2014. Focusing on agri-food products, we identify respective products and countries affected by the reform as well as analyse the changes of preferences. In addition to a brief review of the literature, we outline the main provisions of the new EU GSP system. In our analysis, we apply detailed tariff data for 2013. The number of tariff lines and trade under the EU GSP system indicate the effects, and the AVE tariffs of those countries and products that are no longer eligible for GSP reveals if countries really lose out.