The United Kingdom’s new Developing Countries Trading Scheme (DCTS) will facilitate access to the UK market for Sri Lankan businesses across a wide range of industries, the British High Commissioner to Sri Lanka Sarah Hulton stated.
Hulton stated that the United Kingdom has selected Sri Lanka in its new preferential Developing Countries Trading Scheme (DCTS) for a deeper analysis of market potential.
She revealed this at a forum to promote DCTS, the successor to the GSP+ scheme post-Brexit, during an event held yesterday (14).
“Sri Lankan utilisation rates of some of the lines are relatively low and they are products that Sri Lanka exports to other countries but not to the UK. Expert analysis will help to address the shortcomings. The UK is keen that there will be a great basis for ensuring that Sri Lanka takes full advantage of the new DCTS,” she added.
Hulton further said, “We have simplified the scheme, making it more generous. UK trade preferences reduce import costs by over £ 750,000,000 every year, so it’s good for business in developing countries. It also helps reduce prices and increase choices for UK consumers, particularly on household items such as clothes and food.”
The DCTS was first announced by the Secretary of State for International Trade last August and has been designed to offer greater UK market access for developing countries, build stronger investment partners for the future and deepen global supply chains.
State Minister of Finance Shehan Semasinghe and Governor of the Central Bank of Sri Lanka Dr. Nandalal Weerasinghe were also present at the event.