ISLAMABAD: Pakistan has qualified for the United Kingdom’s new preferential trade scheme, which allows Islamabad to avail duty-free exports to the UK markets.
On June 19, the preferential trade programme called the Developing Countries Trading Scheme (DCTS) replaced the UK’s Generalised Scheme of Preference (GSP). Pakistan will be one of the 65 countries to avail lower tariffs on exports to the UK market.
DCTS covers 37 countries in Africa, 26 in Asia/Oceania/Middle East and 2 in the Americas, representing varied and exciting trade opportunities around the world. The scheme was announced last year, and legislation has since been finalised to bring it into force.
Commerce Minister Naveed Qamar said Pakistan will enjoy one of the most generous sets of trading preferences offered by any nation in the world.
“This is a major development in the trading relations between the UK and Pakistan. This important new scheme will further strengthen the economic ties between our two countries, helping Pakistan to bolster its exports to the UK and harness the power of trade for development,’’ UK’s Trade Director for Pakistan and British Deputy High Commissioner, Karachi, Sarah Mooney said.
Under the new scheme, Pakistan has retained its enhanced preferences status and will continue to benefit from duty-free exports to the UK on 94pc of goods exported. It will also remove tariffs on over 156 additional products, and simplify some seasonal tariffs.
Published in Dawn, June 21st, 2023
