ISLAMABAD: The United Kingdom (UK) has launched a “Developing Countries Trading Scheme” (DCTS), whose implementation in early 2023 will provide tariff reductions and simpler terms of trade to 65 countries, including Pakistan.

The DCTS replaces the UK’s Generalised Scheme of Preferences (GSP), a preferential trading system that provides tariff removals and reductions on various products.

The British High Commission in Islamabad on Wednesday said that 94 per cent of goods exported from Pakistan will be eligible for duty-free access to the UK. Pakistan will save £120 million in tariffs on exports to the UK under the scheme.

Some of the specific goods that will benefit the most from the DCTS in Pakistan include over £250 million in average annual exports to the UK of bed linen and nearly £100m in jeans, both of which will receive a 12pc duty reduction.

Under the new scheme, Pakistan will continue to benefit from duty-free exports to the United Kingdom. UK International Trade Secretary, Anne-Marie Trevelyan, launched the new scheme. The DCTS will remove tariffs on over 156 additional products, and it will also simplify some seasonal tariffs, meaning additional and simpler access for Pakistan’s exports to the UK.

The statistics released by the BHC show that the total trade, including goods and services, between the United Kingdom and Pakistan each year currently stands at £2.9bn.

Published in Dawn, August 18th, 2022

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Fleeting good news
03 Dec, 2022

Fleeting good news

THE last couple of days have seen some positive news. The Pakistan Bureau of Statistics reported that the nation’s...
Battle for spoils
03 Dec, 2022

Battle for spoils

THE spectacle playing out inside a London courtroom shines a light on the struggle for control of the assets of the...
CM Bizenjo’s complaint
03 Dec, 2022

CM Bizenjo’s complaint

BALOCHISTAN Chief Minister Mir Abdul Qudoos Bizenjo’s claim that his province is facing a financial crunch due to ...
Wayward ideology
02 Dec, 2022

Wayward ideology

Anyone who claims his legacy for themselves should not treat his words so whimsically.
Progressive stance
02 Dec, 2022

Progressive stance

THE timing of two encouraging developments in the fight against domestic violence in Pakistan could not have been...
China Covid protests
02 Dec, 2022

China Covid protests

PUBLIC protests are rare in China where the People’s Republic maintains order through a strict authoritarian code...