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ISLAMABAD: The United Kingdom (UK) has introduced the “Developing Countries Trading Scheme” (DCTS), which will give tariff reductions and easier trading terms to 65 nations, including Pakistan, when it is implemented in early 2023.
The Generalised Scheme of Preferences (GSP), a preferential trading scheme that offers tariff reductions and removals on a variety of goods, is replaced by the DCTS in the UK.
On Wednesday, the British High Commission in Islamabad announced that 94% of Pakistani exports will be able to enter the UK duty-free. Under the programme, Pakistan will save £120 million in export tariffs to the UK.
Approximately £100 million in jeans and over £250 million in average yearly bed linen exports to the UK are among the particular commodities that will profit most from the DCTS in Pakistan; both will see a 12 percent tax decrease.
Pakistan would continue to gain from duty-free exports to the UK under the new plan. The new programme was introduced by UK International Trade Secretary Anne-Marie Trevelyan. Pakistan’s exports to the UK will have more and easier access thanks to the DCTS, which will also eliminate duties on over 156 additional products and simplify some seasonal tariffs.
According to data given by the BHC, the annual total value of commerce, encompassing both goods and services, between the United Kingdom and Pakistan is presently £2.9 billion.
