Sources claim that the UK Developing Countries Trading Scheme (DCTS) is expected to help Philippine exporters save around 21 million pounds a year in tariffs. The projected savings will be the result of access to duty-free, quota-free trade on 92% of eligible goods under DCTS, which covers 99% of Philippine exports to the UK.
“The DCTS lowers or removes tariffs on more than 150 products. The coverage extends to our agricultural products, such as tomatoes, milk and cream, cheese, grains, tropical fruits, and animal and vegetable oils,” Trade and Industry Secretary Alfredo E. Pascual said at the DCTS launch event on Wednesday.
In 2022, trade between the Philippines and the UK was at a record 2.4 billion pounds. The DCTS takes effect in the Philippines on June 19, UK Ambassador to the Philippines Laure Beaufils said.
Source: bworldonline.com