UK introduces new developing country scheme

This week has seen the introduction of the new Developing Countries Trading Scheme (DCTS), which applies to 65 countries around the world.

The government’s new post-Brexit trading scheme replaces the outgoing Generalised Scheme of Preferences (GSP), and is reportedly set to save £770m per year.

The DCTS aims to support sustainable growth in developing countries through a more generous unilateral offer and sets out the following provisions:

• reduce tariffs
• liberalise rules of origin requirements
• simplify the conditions attached to the scheme

65 countries are set to benefit from the scheme, including 37 from Africa and 26 from Asia and Oceania. We understand that countries previous benefitting from GSP are included.

The UK’s International Trade Minister recently suggested that the scheme will “benefit UK businesses and consumers by lowering import costs on a whole range of products.”

More details can be found HERE.