Sri Lanka to benefit from DCTS – UK High Commissioner

Sri Lanka to benefit from DCTS – UK High Commissioner

Sri Lanka to benefit from DCTS – UK High Commissioner

Written by Zulfick Farzan

17 Aug, 2022 | 10:10 am

COLOMBO (News 1st).; High Commissioner of the United Kingdom to Sri Lanka, Sarah Hulton says Sri Lanka will benefit from the UK's new Developing Countries Trading Scheme (DCTS). 

She tweeted that the DCTS is one of the most generous sets of trading preferences of any country in the world, and will benefit Sri Lanka by boosting the economy and supporting jobs.

The Government of the United Kingdom is set to introduce Developing Countries Trading Scheme (DCTS) in early 2023, replacing the UK’s current Generalised Scheme of Preferences (GSP).

According to High Commissioner Sarah Hulton, under the DCTS, Sri Lanka will continue to benefit from duty-free exports to the UK on more than 80% of products. 

The DCTS will remove tariffs on over 150 additional products. 

High Commissioner Hulton said the DCTS will also simplify some seasonal tariffs meaning additional and simpler access for Sri Lanka's exports to the UK. 

Her tweet further read that the UK looks forward to future trading opportunities with Sri Lanka.

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