Sri Lanka has been included in the United Kingdom’s new Developing Countries Trading Scheme (DCTS).
The UK’s Developing Countries Trading Scheme is one that replaces the UK Generalised Scheme of Preferences (GSP).
This move will allow Duty-Free access to the UK market for over 80% of Sri Lankan export products.
Sri Lanka has been categorized under Enhanced Preferences where the UK will lower or remove tariffs on an additional 156 products, with more than 85% of eligible lines to benefit from zero tariffs.
The new Developing Countries Trading Scheme (DCTS) covering 65 countries will remove some seasonal tariffs and also simplifies complex trade rules, including so-called rules of origin.
British Trade Secretary Anne-Marie Trevelyan highlighted the fact the scheme goes further than its EU equivalent, adding: “As an independent trading nation, we are taking back control of our trade policy and making decisions that back UK businesses, help with the cost of living, and support the economies of developing countries around the world”.
The scheme replaces the UK GSP, which was rolled over from EU membership, and will come into force in early 2023.
It covers 37 countries in Africa, 18 in Asia, eight in Oceania, and two in the Americas. (NewsWire)