The Developing Countries Trading Scheme (DCTS) will come into effect in early 2023 to support sustainable growth in developing countries, including Pakistan, through a generous unilateral offer, said British High Commission’s Senior Trade Policy Advisor Fabian Hartwell.

Addressing an awareness session on the DCTS organised by the Rawalpindi Chamber of Commerce and Industry (RCCI), Hartwell said the DCTS applies to countries that currently benefit under the UK’s Generalised Scheme of Preferences (GSP). The GSP includes 47 countries in the GSP Least Developed Country Framework and 18 additional countries or territories classified by the World Bank as Low-income Countries and Low and Middle-income Countries, he added.

Under the DCTS, Pakistan would continue to benefit from duty-free exports to the UK. The DCTS would also remove tariffs on over 156 additional products, he added.

It would also simplify some seasonal tariffs, meaning additional and simpler access for Pakistan’s exports to the UK, Hartwell said.

The annual total trade, including goods and services, between the UK and Pakistan currently stood at £2.9 billion, he said. In total, 94% of goods exported from Pakistan would be eligible for duty-free access to the UK, so, Pakistan would save £120 million in export tariffs to the UK under the scheme, he added.

Later, Fabian Hartwell also had an interactive session with members, entrepreneurs and representatives of different trade sectors.

President of RCCI Saqib Rafiq, Senior Vice President Hamza Sarosh, Vice President Faisal Shahzad, and executive committee members were also present on the occasion.

Credit : Independent News Pakistan-WealthPk