New trading scheme could save £315m in tariffs annually

Business Desk :
The British High Commission in Dhaka launched a new study on Tuesday, highlighting the benefits of the new UK Developing Countries Trading Scheme (DCTS) for Bangladeshi exporters.

British High Commissioner to Bangladesh Sarah Cooke hosted a group of policymakers, researchers and private sector leaders to discuss the scheme at her residence.

She said, “The scheme will support Bangladesh’s smooth transition from LDC status and take the UK-Bangladesh trading relationship to greater heights.”

The DCTS replaced the UK’s old Generalised Scheme of Preferences (GSP), with effect from January 2023.

Under the new scheme, Bangladesh will be its biggest beneficiary, reports UNB.

The scheme will potentially save £315m in tariffs annually on Bangladesh’s exports to the UK, the highest among all countries, the study found, said the High Commission.

Bangladesh will also get duty-free access to everything but arms under the Comprehensive Preferences tier till 2029.

The country will benefit from more generous rules of origin compared to the previous GSP system.