MANILA, Philippines — In an interview with ANC Market Edge on Tuesday, Chris Nelson, Executive Director and Trustee of the British Chamber of Commerce Philippines shared that UK’s Developing Countries Trading Scheme (DCTS) is hoping to come into force in March 2023 or first quarter of the year.
DCTS will replace the UK Generalised Scheme of Preferences (GSP). This new trading framework will boost trade with 65 countries, including the Philippines.
It is an expected simplified trading scheme which will open up another 150 lines of goods, as explained by Nelson.
“Overall, we anticipate [or as anticipated] that over 99% of all the goods traded from the Philippines into the UK would be tariff-free,” said Nelson.
As the trade relations between the UK and the Philippines have become over 2 billion pounds, there is an expected increase in growth with goods and services – which Nelson linked to the success of British pork in the Philippines.
In correlation to this, he then emphasized the importance of ratifying the Regional Comprehensive Economic Partnership (RCEP) in the Philippines, which is part of the British Chamber’s 2023 Wishlist. (Press Release)