Colombo (No.1 news); The UK government plans to introduce the Developing Countries Trade System (DCTS) in early 2023 to replace the UK’s current Generalized System of Preferences (GSP).
According to the UK government, the DCTS aims to support sustainable growth in developing countries through more generous unilateral proposals.
The DCTS applies to countries currently benefiting under the UK GSP, with provisions aimed at lowering tariffs, liberalizing rules of origin requirements and simplifying the conditions attached to the scheme.
However, the UK government said the DCTS would not apply to countries classified as upper middle income countries by the World Bank for three consecutive years, or to free trade low income countries (LIC) and lower middle income countries (LMIC). I’m here. Agreement with Great Britain (FTA).
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https://www.newsfirst.lk/2022/08/16/dcts-to-replace-uk-s-gsp/ Replace UK GSP with DCTS