UK’s new trading scheme — Developing Countries Trading Scheme (DCTS) will be having its hybrid launch event tomorrow, June 7, 2023.
The event launch is organised by the British Embassy in Manila under the Department for Business and Trade which will take place in Makati City from 1:00 PM to 5:00 PM. Ambassador Laure Beaufils and DTI Secretary Alfredo Pascual will be the keynote speakers. Topics to cover in presentations will include some key advantages of DCTS, UK-Philippine trade trends and sectors, custom procedures, and agricultural standards.
DCTS is said to replace the Generalized Scheme of Preferences (GSP) which will grant more access to the UK market. Furthermore, it lessens tariffs and liberalises the rule of origin criteria for least-developed countries. The UK-PH trade has reached 2.4 billion pounds, and the British Chamber of Commerce Philippines believes that will increase trade and investment opportunities.
Further, the British Chamber is one of the supporting organisations to the event launch through attendees from the Board and its Members of the Chamber’s network such as Dyson Electronics, HSBC, Standard Chartered, BDO and BPI.
“There will be over 150 new tariff lines cut for Enhanced Preference countries, which the Philippines will continue to have access on. DCTS will also cover over 99% of the exports to the UK, ”said Chris Nelson, BCCP’s Executive Director/Trustee.
The British Chamber has been active in promoting trade opportunities, such as the push for the recent ratification of the Regional Comprehensive Economic Partnership (RCEP) which entered into force last 2nd of June. With continuous efforts, the British Chamber remains committed to further liberalising the Philippine economy and through this new trading scheme, the DCTS will be one of the ways to strengthen UK-PH trade relations.
