Philippines to receive duty free access to exported goods to UK #Philippines #receive #duty #free #access #exported #goods Welcome to Viasildes, here is the new story we have for you today:
Philippines to receive duty free access to exported goods to UK
Credit: Leonid Altman/Shutterstock.com
The Philippines will be eligible for over 99 per cent duty free access of total exported goods to the UK via the Developing Countries Trading Scheme (DCTS), as reported on Thursday, August 24.
The new UK scheme for which the Philippines will be eligible comes under a new trading framework that will replace the UK Generalised Scheme of Preferences (GSP) and will come into force in early 2023.
The Developing Countries Trading Scheme (DCTS) was announced by the Prime Minister at the Commonwealth Heads of Government Meeting (CHOGM) on June 23 and launched on August 16 by the Secretary of State for International Trade.
The total amount of trade, including goods and services, between the UK and Philippines amounts to a whopping £2 billion each year.
With the new DCTS scheme, the Philippines will continue to benefit from duty free exports to the UK on more than 80 per cent of eligible products.
In this way, the Philippines will save up to £21 million a year. In addition, the DCTS is set to remove tariffs on over 150 additional products.
Some seasonal tariffs, meaning additional and simpler access for the Philippines’ exports to the UK, will also be simplified by the DCTS.
Her Majesty’s Ambassador to the Philippines, Laure Beaufils stated:
“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% of exported Filipino products, and 99% of total goods by value exported from the Philippines, will be eligible for duty free access to the UK.”
“The scheme will boost our trade and provide new opportunities for Filipino and British businesses.”
The news follows reports of the Solomon Islands denying entry to UK and US Coast Guard ships.
Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.