New UK Scheme Benefits Some Latin American Countries
A new UK government scheme was introduced last week, which will replace the outgoing GSP system, and provide reduced tariffs for a wider range of developing countries around the world.
The Developing Countries Trading Scheme (DCTS) is expected to save up to £770m per year on £9bn worth of products. The scheme will reduce tariffs, liberalise rules of origin requirements, and simplify the conditions for imports from the Caribbean and Latin American countries listed below.
Caribbean: Antigua and Barbuda, Barbados, Dominica, Grenada, Haiti, Jamaica, St Christopher and Nevis, St Lucia, St. Vincent and the Grenadines, The Bahamas, The Dominican Republic and Trinidad and Tobago.
Central & South America: Belize, Bolivia and Guyana.
The government’s International Trade Minister – Nigel Huddleston – commented “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 DCTS scheme can be found on the gov.uk website HERE.
