UK’s DCTS trade scheme kicks off in June
THE United Kingdom’s (UK) Developing Countries Trading Scheme (DCTS) comes into force in June, promising increased trade with the Philippines, the British Chamber of Commerce Philippines (BCCP) said.
BCCP Executive Director Chris Nelson said in a statement on Tuesday: “(The DCTS) will actually mean that over 90% of all Philippine products to the UK will be tariff-free… Philippine-UK trade relations are already very good — and this (DCTS) will further increase the close cooperation between the two countries,” Mr. Nelson said.
Announced in August, the DCTS is designed to replace the UK’s Generalized System of Preferences trading scheme. The DCTS will benefit 65 developing countries, including the Philippines.
Mr. Nelson added that the DCTS will also simplify the trade process between the two countries, smoothing the flow of goods.
“Some Philippine products that are being exported to the UK include agricultural products, electrical goods, and eyewear accessories. What we’re going to see (will be) more exports with the DCTS,” Mr. Nelson said.
“We work closely with the Philippine Embassy in London. We work together for UK companies (and) we also want to see Philippine companies doing well,” he added.
Mr. Nelson said that the BCCP will organize the “Breaking Economic Barriers 2023: Making the Philippines an Investment Destination” event on April 20 in Makati City.
“The (Philippine) market is progressively liberalized, thanks to recent economic regulations like the 100% foreign ownership of renewable energy. Furthermore, the Philippines’ young and energetic workforce makes it a desirable location for international companies,” Mr. Nelson said. — Revin Mikhael D. Ochave