{"id":5443,"date":"2022-09-01T00:00:00","date_gmt":"2022-09-01T00:00:00","guid":{"rendered":"http:\/\/bpddev2.uk\/clients2023\/metro\/new-trade-system-for-developing-countries\/"},"modified":"2024-02-02T08:58:35","modified_gmt":"2024-02-02T08:58:35","slug":"new-trade-system-for-developing-countries","status":"publish","type":"post","link":"http:\/\/bpddev2.uk\/clients2023\/metro\/news\/new-trade-system-for-developing-countries\/","title":{"rendered":"New trade system for developing countries"},"content":{"rendered":"\n

The Department for International Trade launched a new preferential trading scheme on the 15th August 2022. The Developing Countries Trading Scheme (DCTS) is intended to grow free and fair trade with 65 developing nations, with a combined market of more than 3.3 billion.<\/strong><\/p>\n\n\n\n

The DCTS extends tariff cuts to hundreds of products, including clothes and food, from 65 specified developing countries, as part of the UK government\u2019s efforts to replace similar EU schemes.<\/p>\n\n\n\n

DCTS will effectively replace the Generalised System of Preferences, which applies import duties at reduced, preferential rates, to nominated countries.<\/p>\n\n\n\n

UK Trade minister Anne-Marie Trevelyan said the Developing Countries Trading scheme (DCTS) would extend tariff cuts to hundreds more products exported from developing countries and goes further than the GSP.<\/p>\n\n\n\n

The DCTS offers developing countries a simpler and more generous set of trading preferences and simplifies rules such as rules of origin, which dictate what proportion of a product must be made in its country of origin and removes some seasonal tariffs, in a bid to reduce red tape and lower costs, as an incentive to firms to import more goods from developing countries.<\/p>\n\n\n\n

Key changes include:<\/b>