A new trading scheme has been introduced recently, that replaces the GSP preference scheme and provides benefits for 65 developing countries around the world.
The Developing Countries Trading Scheme (DCTS) is believed to save £770m per year on £9bn worth of products.
The UK have introduced the scheme to support developing country growth by reducing tariffs, liberalising rules of origin requirements and by simplifying the conditions.
The UK’s International Trade Minister commented on the scheme “It will create opportunities for businesses around the world, supporting livelihoods, creating jobs and diversifying local and international supply chains. It will also benefit UK businesses and consumers by lowering import costs on a whole range of products”.
Further details of the new scheme can be viewed on the gov.uk website HERE.