The Government’s new post-Brexit Developing Country Scheme has launched. But will it deliver on its promises?
The Developing Countries Trading Scheme (DCTS), which replaces the Generalised Scheme of Preferences (GSP), commenced at the start of August and promises sustainable growth to those included in the scheme.
65 countries around the world have been included in the new post-Brexit trading scheme, which is reportedly about to save £770m per year on £9bn worth of imported goods.
The gov.uk website states that the DCTS aims to support sustainable growth in developing countries through a more generous unilateral offer and it sets out the following provisions:
reduce tariffs
liberalise rules of origin requirements
simplify the conditions attached to the scheme
Of the 65 countries, 37 are from Africa and 26 are from Asia and Oceania. The government is keen to point out that UK businesses and consumers will benefit from the scheme through lower import costs on a whole range of products.