Updated on : 15-09-2023
DHAKA, Aug 29, 2023 (BSS) - The British High Commission Dhaka launched a new study today highlighting the benefits of the new UK Developing Countries Trading Scheme (DCTS) for Bangladeshi exporters.
The British High Commissioner to Bangladesh Sarah Cooke hosted a group of policymakers, researchers and private sector leaders to discuss the scheme at her residence, said a press release here.
The DCTS replaced the UK's old Generalised Scheme of Preferences (GSP), with effect from January 2023. Under the new scheme, Bangladesh will be its biggest beneficiary.
The scheme will potentially save £315m in tariffs annually on Bangladesh's exports to the UK, the highest among all countries, the study found.
Bangladesh will also get duty-free access on everything but arms under the Comprehensive Preferences tier till 2029. The country will benefit from more generous rules of origin compared to the previous GSP system.
Under the DCTS, Bangladesh will automatically move to the Enhanced Preferences tier in 2029, which will provide duty-free access to 98% of Bangladesh's exports to the UK, including garments.
The DCTS is about boosting trade and prosperity. Retention of the scheme is based on respect for human and labour rights though compliance with international conventions.
This includes those focused on civil and political rights, anti-corruption, climate change and the environment. The UK will closely monitor these aspects.
British High Commissioner Sarah Cooke said, "The scheme will support Bangladesh's smooth transition from LDC status and take the UK-Bangladesh trading relationship to greater heights."
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