UK launches new landmark trading scheme for developing countries
The UK launched the Developing Countries Trade Scheme (DCTS) on 19 June.
An overview of the news
This trade scheme provides a significant opportunity for India and 65 other poor and developing countries.
The scheme simplifies trading rules and cuts tariffs on products entering the UK from 65 developing countries, including Bangladesh.
About Developing Countries Trading Scheme (DCTS)
This is a preferential trading program that has been introduced by the United Kingdom.
The DCTS replaces similar arrangements that were previously in place during the UK's membership in the European Union.
The primary objective of the scheme is to support trade and promote economic growth for 65 poor and developing countries.
Through the DCTS, these countries are granted preferential treatment in terms of trade, with reduced or eliminated tariffs on certain products imported into the United Kingdom.
By providing favorable trading conditions, the DCTS aims to enhance market access for these countries, stimulate economic activity, and foster mutually beneficial trade relationships.
Benefits of the scheme
It creates opportunities for businesses and supports livelihoods by facilitating trade between participating countries and the United Kingdom.
By lowering trade barriers and providing preferential treatment, the scheme aims to create employment opportunities for individuals in participating countries.
It plays a role in diversifying local and international supply chains, which contributes to job creation and economic growth in these countries.
Through increased market access and favorable trading conditions, the scheme helps participating countries to access the UK market and expand their export capabilities.
By increasing exports, countries can diversify their economies and reduce their dependence on limited products or markets.
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