Updated on : 20-06-2023
DHAKA June 19, 2023 (BSS) - The United Kingdom (UK) today introduced a landmark Developing Countries Trading Scheme (DTCS) to simplify rules and cuts tariffs on products entering the UK from 65 developing countries including Bangladesh.
"This new scheme demonstrates the UK's commitment to a modern and mutually beneficial partnership with Bangladesh," said a press release issue by British High Commission here.
The DCTS will help grow trade, boost jobs, and drive sustained economic growth, it added.
This announcement underscores our commitment to a modern and mutually beneficial partnership with Bangladesh, based on deeper, economic and trade ties and global standards," British High Commissioner to Bangladesh Sarah Cooke said on the occasion.
She said that the DCTS would support Bangladesh's manufacturing capacity, increase long term economic growth and resilience, and allow it to access global supply chains.
It benefits the UK through greater consumer choice and competitive prices, she added.
The British high commission said that changes made to the DCTS mean Bangladesh will retain duty-free access for 98 percent of exports, including readymade garments while the country is due to graduate from Least Developed Country status in 2026.
"It is more generous than the European Union's scheme the UK was previously a member of," said the release.
The scheme will contribute to developing countries' integration into the global economy, creating stronger trade and investment partners for the future, and strengthening supply chains.
The DCTS makes it easier to produce goods using components from other countries without losing duty free status.
Under the new scheme, Bangladesh will be able to participate in global value chains involving raw materials from 95 countries to export their final products to the UK duty-free, provided they meet certain requirements.
The DCTS promotes free and fair trade, human rights, and good governance. Retention of DCTS preferences is based on respect for human and labour rights and compliance with relevant international conventions, including those on civil and political rights, anti-corruption, climate change and the environment.
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