Courtesy Hiru News

Developing Countries Trading Scheme will offer Sri Lanka the opportunity to benefit from duty- free schees for a range of goods exported to UK according to the Prime Minister of the United Kingdom.

British Prime Minister Boris Johnson has stated this while sending a congratulatory message to the President.

The UK Government announced the launch of the Developing Countries Trading Scheme (DCTS) effective from early next year, replacing its Generalised Scheme of Preferences (GSP) scheme.

DCTS applies to 65 countries including Sri Lanka, offering lower tariffs and simpler rules of origin requirements for exporting to the UK.

Sri Lanka has been categorised under those eligible for “Enhanced Framework/Preferences” along with Bolivia, Cape Verde, Kyrgyzstan, Mongolia, Pakistan, Philippines and Uzbekistan. The other three categories are Comprehensive preferences (with Bangladesh, Bhutan, Cambodia, Myanmar, Nepal among recipients), Standard preferences (India, Indonesia among others) and Economic Partnership Agreement.

The UK Government is also lowering or removing tariffs on an additional 156 products in DCTS Enhanced Preferences. The result of this change is that more than 85% of eligible lines now benefit from zero tariffs in DCTS Enhanced Preferences, covering trade worth around £ 2 billion.