Trade Deal Reduces Costs From 65 Countries

June 21, 2023

Trade Deal Reduces Costs From 65 Countries

 

A new post-Brexit trading scheme has been introduced this week, that replaces the GSP preference scheme, providing reduced tariffs for 65 developing countries around the world.

The Developing Countries Trading Scheme (DCTS) is reportedly about to save £770m per year on £9bn worth of  goods. 

47 of the countries come from the GSP Least Developed Country (LDC) framework and an additional 18 countries, or territories, are classified by the World Bank as low income (LIC) and lower middle-income (LMIC).

UK government have introduced the scheme to support growth by reducing tariffs, liberalising rules of origin requirements and by simplifying the conditions attached.

International trade minister Nigel Huddleston said about the scheme “It will create opportunities for businesses around the world, supporting livelihoods, creating jobs and diversifying local and international supply chains. It will also benefit UK businesses and consumers by lowering import costs on a whole range of products”.

Further details of the DCTS scheme can be found on the gov.uk website HERE.

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