Feeling optimistic over the Philippines, the United Kingdom has vowed to work with the Department of Trade and Industry on how businesses in the country can tap the duty-free scheme introduced by UK last year.
Laure Beaufils, ambassador of the UK to the Philippines, told a briefing hosted by the British Chamber Commerce of the Philippines yesterday, the Developing Countries Trading Scheme (DCTS) is similar to the European Union generalized system of preferences (GSP) but that it has added 150 new product lines and simplified rules to make it easier and cheaper to import and export.
Beaufils expressed optimism trade with the Philippines will continue to grow after hitting 2.1 billion pounds in 2022.
Under the DCTS which takes effect this year, the Philippines will continue to benefit from duty free exports to the UK on more than 80 percent of eligible products.
This will help Philippines save up to 21 million pounds a year.
In addition, the DCTS will remove tariffs on over 150 additional products.
The DCTS will also simplify some seasonal tariffs, meaning additional and simpler access for the Philippines’ exports to the UK.
The DCTS also offers generous rules of origin, making it easier to produce goods using components from other countries without losing duty-free status. It will be one of the most generous sets of trading preferences of any country in the world, helping to grow trade, boost jobs and drive economic growth.
The DCTS benefits 65 developing countries and is more generous and simpler than the existing UK GSP.
