Sri Lanka has joined the UK’s new Developing Countries Trading Scheme (DCTS).
The Developing Countries Trading Scheme of the United Kingdom replaces the Generalised Scheme of Preferences of the United Kingdom (GSP).
Over 80% of Sri Lankan export products will now be able to enter the UK market duty-free.
Sri Lanka has been assigned to the Enhanced Preferences group, which means that the UK will reduce or eliminate tariffs on an additional 156 products. Over 85% of eligible lines will have zero tariffs.
The new Developing Countries Trading Scheme (DCTS), which will cover 65 countries, will eliminate some seasonal tariffs while also simplifying complex trade rules such as so-called rules of origin.
The scheme goes further than the EU equivalent, according to British Trade Secretary Anne-Marie Trevelyan, who added: “As an independent trading nation, we are reclaiming control of our trade policy and making decisions that support UK businesses, help with the cost of living, and support the economies of developing countries around the world.”
The scheme will take effect in early 2023, replacing the UK GSP, which was carried over from EU membership.
It includes 37 African countries, 18 Asian countries, eight Oceanian countries, and two American countries.
