A new trading scheme was introduced last week, which replaces the outgoing GSP preference scheme and provides assistance for developing countries around the world.
UK government have introduced the Developing Countries Trading Scheme (DCTS) with the intention of:
- reducing tariffs
- liberalising rules of origin requirements
- simplifying the conditions attached to the scheme
The states supported by the DCTS come from the GSP Least Developed Country (LDC) framework, along with countries, or territories, that are classified by the World Bank as low income (LIC) and lower middle-income (LMIC).
The UK’s International trade minister commented “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 information of the DCTS scheme can be found HERE.