New trading scheme to developing countries cuts tariffs on hundreds of everyday products
UK businesses looking to trade with developing countries will now find it much easier with the launch of the Developing Countries Trading Scheme (DCTS).
The DCTS will help UK businesses access hundreds of products from around the globe at lower prices, reducing costs for UK consumers and is claimed to be one of the world’s most generous trading schemes with developing countries.
The scheme will extend tariff cuts to hundreds of more products exported from developing countries, going further than the EU’s Generalised Scheme of Preferences.
This is on top of the thousands of products that developing countries can already export to the UK duty-free (and will mean 99 per cent of goods imported from Africa, for example will enter the UK duty-free).
The scheme means that a wide variety of products – from clothes and shoes to foods that aren’t widely produced in the UK including olive oil and tomatoes – will benefit from lower or zero tariffs.
The Developing Countries Trading Scheme ensures that British businesses can benefit from more than £750 million per year of reduced import costs, leading to more choice and lower costs for UK consumers to help with the cost of living.
Source Financial Accountant click here to read more.