ISLAMABAD: The United Kingdom (UK) has launched a “Developing Countries Trade Scheme” (DCTS). The implementation of which in early 2023 will provide simpler tariff reductions and terms of trade to 65 countries, including Pakistan.
The DCTS replaces the UK’s Generalized System of Preferences (GSP). GSP is a preferential trading system that provides tariff eliminations and reductions on various products.
The British High Commission in Islamabad said on Wednesday. They said that 94 percent of goods exported from Pakistan will be eligible for duty-free access to the UK. Pakistan will save £120 million in tariffs on exports to the UK under the scheme.
Some of the specific goods that will benefit most from DCTS in Pakistan. It includes more than £250 million in average annual exports to the UK of bedding and almost £100 million in jeans. Both of which will receive a 12 percent duty reduction.
Must Read: Two Islamic Savings Schemes Launched
Under the new plan, Pakistan will continue to enjoy duty-free exports to the United Kingdom. The UK’s International Trade Secretary, Anne-Marie Trevelyan, launched the new scheme. DCTS will drop tariffs on more than 156 additional products. Simplify some seasonal tariffs, meaning additional and simpler access for Pakistan’s exports to the UK.
Statistics published by the BHC show the total trade. Trade includes goods and services; between the UK and Pakistan, each year currently amounts to £2.9 billion.
 has launched a "Developing Countries Trade Scheme" (DCTS... %%title%%){kind=link}