The Philippines will be eligible for duty-free access for over 99 percent of exported goods to the United Kingdom, saving around P1.4 billion in tariffs each year through the UK’s new Developing Countries Trading Scheme.
The British Chamber of Commerce of the Philippines said the UK was reshaping trade with developing countries through the new trading framework that would replace the UK Generalized Scheme of Preferences. The DCTS will come into force in early 2023.
British Secretary of State for international trade Anne-Marie Trevelyan launched the new preferential trade scheme on Aug. 16 after outgoing British Prime Minister Boris Johnson announced the new preferential trade scheme at Commonwealth Heads of Government Meeting on June 23.
“The launch of the Developing Countries Trading Scheme is a great opportunity for the UK and the Philippines to build on our strong existing bilateral trade and investment relationship. More than 80 percent of exported Filipino products, and 99 percent of total goods by value exported from the Philippines, will be eligible for duty free access to the UK,” said British Ambassador to the Philippines Laure Beaufils.