SL to get access to UK market for over 80% products under new Trading Scheme

Source : dailymirror

Sri Lanka is included in the UK’s new Developing Countries Trading Scheme (DCTS) which replaces the UK’s Generalized Scheme of Preferences (GSP), accessing to the UK market for over 80% of Sri Lankan export products.

“The UK’s new Developing Countries Trading Scheme (DCTS) is one of the most generous sets of trading preferences of any country in the world and will benefit Sri Lanka by boosting the economy and supporting jobs,” British High Commissioner Sarah Hulton said.

She said that the DCTS will remove tariffs an over 150 additional products and also it will also simplify some seasonal tariffs, meaning additional and simpler access for Sri Lanka’s exports to the UK.

“The new scheme, which replaces UK GSP, will come into force in 2023 and the UK looks forward to future trading opportunities with Sri Lanka,” she said.

According to the UK’s Department for International Trade the new Trading Scheme applies to 65 countries, offering lower tariffs and simpler rules of origin requirements for exporting to the UK.