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The UK Unveils the Developing Countries Trading Scheme

Image via Financial Times

Yesterday (15th August) the Department for International Trade unveiled the new Developing Countries Trading Scheme (DCTS), replacing the EU’s Generalised Scheme of Preferences (GSP). The new scheme offers developing countries one of the most generous sets of trading preferences of any country in the world.

The DCTS covers 65 countries across Africa, Asia, Oceania and the Americas and extends tariff cuts to hundreds of more products, going further than the GSP. Also, it includes simpler rules of origin requirements for exporting to the UK.

This work is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe. This drive includes a new initiative called Platinum Partnerships, designed to grow trade between the UK and selected lower and middle-income Commonwealth countries.

The DCTS will replace the UK’s Generalised Scheme of Preferences in early 2023.

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