Sri Lanka to benefit from UK’s new trading scheme

Sri Lanka is to benefit from a new trading scheme launched by the United Kingdom (UK).

The UK’s new Developing Countries Trading Scheme (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.

Sri Lanka will also continue to benefit from duty free exports to the UK, the UK High Commission in Sri Lanka said today.

Anne-Marie Trevelyan, Secretary of State for the Department for International Trade said that the Developing Countries Trading Scheme was launched to harness the power of trade to help developing countries grow and prosper.

The new scheme offers developing countries one of the most generous sets of trading preferences of any country in the world.

The scheme demonstrates the UK’s commitment to building long term, mutually beneficial relationships with emerging economies that are home to more than 3.3 billion people.

The Developing Countries Trading Scheme is a major milestone in growing free and fair trade with developing nations. The Developing Countries Trading Scheme applies to 65 countries, offering lower tariffs and simpler rules of origin requirements for exporting to the UK. The scheme helps countries to diversify their exports and grow their economies, while British households and businesses benefit from lower prices and more choice. (Colombo Gazette)

The UK's new Developing Countries Trading Scheme (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. pic.twitter.com/oMXK4d1xw5

— Sarah Hulton OBE (@SarahHultonFCDO) August 16, 2022