Bangladesh
Trade Scheme The UK to launch a new trade scheme for developing countries including Bangladesh
Dhaka, June 20: The UK has launched the Developing Country Trade Scheme (DCTS) to reduce tariffs on goods entering the UK from 65 developing countries, including Bangladesh.
A press release from the British High Commission in Dhaka on Tuesday said the new project demonstrates the UK's commitment to a modern and mutually beneficial partnership with Bangladesh. It further said that the DCTS will help increase trade, boost employment and achieve sustainable economic growth.
British High Commissioner to Bangladesh Sarah Cook said, "This announcement is a reflection of our commitment to deep, economic and trade relations with Bangladesh and a modern and mutually beneficial partnership based on global standards." He said the DCTS will support Bangladesh's manufacturing capacity, enhance long-term economic growth and resilience, and provide the country with access to global supply chains. This benefits the UK through greater consumer choice and competitive pricing.
The British High Commissioner said, as a result of the change to the DCTS, Bangladesh will retain duty-free access to 98 percent of its exports, including ready-made garments, even after transitioning from LDCs in 2026.
It is a much more generous scheme than the UK was previously a member of the European Union, the statement said. This project will contribute to the integration of developing countries into the global economy. To create strong trade and investment partners for the future and strengthen supply chains.
DCTS will make it easier to manufacture products using materials from other countries without losing duty-free benefits. Under this new scheme, Bangladesh will be able to participate in the global value chain by combining raw materials from 95 countries and if certain conditions are met, they will be able to export their manufactured goods to the UK duty-free. DCTS promotes free and fair trade, human rights and good governance.
DCTS priorities are determined based on respect for human and labor rights and compliance with relevant international conventions, including civil and political rights, anti-corruption, climate change and the environment.
