Latest news with #DevelopingCountriesTradingScheme
Business Recorder
24-07-2025
- Business
- Business Recorder
‘Need for implementing key developments to strength Pak-UK trade ties'
KARACHI: The Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Muhammad Aman Pracha has emphasized the need for implementing key developments aimed at strengthening bilateral trade relations between Pakistan and the United Kingdom. He stated that a trade agreement has been reached between Pakistan and the UK, which seeks to enhance economic cooperation and reduce trade barriers. Under this agreement, there is a need to establish joint working groups and conduct regular review meetings, focusing on cooperation in areas such as digital trade, renewable energy, agriculture, and pharmaceuticals. However, in order to truly boost bilateral trade, a formal Free Trade Agreement (FTA) is essential, Pracha stressed. He further noted that a 'Trade Dialogue Mechanism Agreement' has also been signed between the two countries, aimed at reinforcing bilateral economic cooperation, exploring trade opportunities, removing barriers, and promoting mutual investment. Pakistan can also benefit from the UK's Developing Countries Trading Scheme (DCTS), which will help boost exports in sectors like IT, agricultural technology, and pharmaceuticals. Pracha highlighted the need to engage the Pakistani diaspora in the UK to promote trade between the two countries. He pointed out that the current trade volume between Pakistan and the UK stands at around £4.7 billion, and that non-tariff barriers affecting this trade must be addressed. He acknowledged that while negotiating an FTA requires significant resources and time, such an agreement would align with the economic priorities of both nations. At present, no bilateral FTA exists between Pakistan and the UK, but authorities on both sides are working realistically towards laying the groundwork for a possible future agreement. Pracha also emphasized that Pakistan's technology and digital services sector is the most dynamic segment of its economy, and the UK is interested in having more Pakistani tech companies use the UK as a platform to access European and global markets. British development finance institutions are playing a key role in this effort, helping promote digital infrastructure and financial inclusion in Pakistan. Meanwhile, UK Export Finance is supporting Pakistani companies looking to expand exports or partner with British firms. He urged the Pakistani government to pay special attention to this opportunity. Copyright Business Recorder, 2025
Fibre2Fashion
15-07-2025
- Business
- Fibre2Fashion
UK relaxes import rules, boosting retailers & developing nations
British consumers and businesses are set to benefit from a new package of trade measures unveiled on July 10, designed to simplify imports from developing countries and support global economic growth. The measures are part of an upgrade to the UK's Developing Countries Trading Scheme (DCTS), which aims to lower prices on everyday goods while promoting trade with some of the world's poorest nations. They will give UK consumers greater access to competitively priced imports, such as clothing. The UK has upgraded its Developing Countries Trading Scheme to simplify imports and boost trade with developing nations. The reforms include relaxed rules of origin, supporting tariff-free access for goods like garments from countries such as Bangladesh and Sri Lanka. Retailers like M&S and Primark are set to benefit from lower costs and stronger supply chains. Key reforms include simplified rules of origin, allowing more products from countries such as Nigeria, Sri Lanka, and the Philippines to enter the UK tariff-free — even when made using components from across Asia and Africa. Countries like Bangladesh and Cambodia will continue to enjoy zero tariffs on goods such as garments and electronics, British Embassy Phnom Penh said in a release. 'The world is changing. Countries in the Global South want a different relationship with the UK as a trading partner and investor, not as a donor. These new rules will make it easier for developing countries to trade more closely with the UK. This is good for their economies and for UK consumers and businesses,' said Minister for International Development Jenny Chapman. Retailers such as M&S and Primark are expected to benefit significantly, gaining improved access to competitively priced imports and more resilient supply chains. Over £16 billion (~$ 21.52 billion) worth of UK imports have already benefitted from tariff savings under the DCTS since its launch in June 2023. 'We welcome the changes to the DCTS rules of origin for garments which remove the potential cliff edge when a country graduates from Least Developed Country status. This will help us to maintain our existing supply chain strategy in our key sourcing markets in Asia, such as Bangladesh and Cambodia,' interim chief executive at Primark, Eoin Tonge said. The changes also include new support measures to help exporters in developing nations meet UK import standards, alongside efforts to ease trade in services like digital, legal, and financial sectors. These steps are part of the UK's broader 'Trade for Development' agenda and its newly published Trade Strategy, aimed at growing the economy, supporting households, and strengthening international partnerships. The announcement was made at a joint reception hosted by the Department for Business and Trade (DBT) and the Foreign, Commonwealth & Development Office (FCDO), attended by British business leaders and foreign ambassadors. 'UKFT welcomes these additional changes to the Rules of Origin under the DCTS, which will bring real benefits to the fashion industry in the UK and in DCTS countries,' added Adam Mansell, CEO, The UK Fashion & Textiles Association. 'We warmly welcome the UK's Trade Strategy. The new rules allowing greater regional sourcing for garments while retaining duty-free access to the UK are a game-changer,' stated Yohan Lawrence, secretary general of the Joint Apparel Association Forum (JAAF), Sri Lanka. Fibre2Fashion News Desk (HU)
Fashion United
14-07-2025
- Business
- Fashion United
UK government introduces new trade measures for developing countries
The UK government has introduced new measures that intend to simplify imports from developing countries. The changes come under the Developing Countries Trading Scheme and, according to a press release, aim to 'lower prices on everyday goods while supporting growth in some of the world's poorest nations'. The measures particularly address imports from countries like Nigeria, Sri Lanka and the Philippines, for which rules of origin have been simplified, allowing goods from such regions to enter the UK tariff-free. Updates also reaffirm the zero tariff policy already in place for countries such as Bangladesh and Cambodia, covering products like garments and electronics. Such changes intend to allow UK consumers to have greater access to "competitively priced imports'. For businesses, meanwhile, the government hopes to encourage the building of resilient supply chains, investments in emerging markets and opportunities in fast-growing economies. UK ministers briefed British business leaders and global ambassadors on the updates at a reception in London on July 10. The updates have been welcomed by executives at notable UK retailers and fashion trade organisations. Both the director of sourcing at Marks & Spencer, Monique Leeuwenburgh, and Primark's interim CEO, Eoin Tonge, backed the changes, expressing support for a scheme that will help each company to maintain relationships with their existing supplier network, they both noted in respective statements. Commenting on the news, the CEO of the UK Fashion & Textile Association (UKFT), Adam Mansell, said: 'UKFT welcomes these additional changes to the Rules of Origin under the DCTS, which will bring real benefits to the fashion industry in the UK and in DCTS countries. The new rules demonstrate a genuine commitment from the government to modernise trade policy to support global economic growth. At a time of such uncertainty in international trade, these reforms are especially welcome.'
Business Insider
21-06-2025
- Business
- Business Insider
UK backs Nigerian trade goals with 99% duty-free export access
The United Kingdom has reaffirmed that 99% of goods exported from Nigeria will continue to enjoy duty-free access under its Developing Countries Trading Scheme (DCTS), a move seen as vital for Nigeria's non-oil export ambitions and bilateral trade growth. The UK confirmed 99% of Nigerian exports will remain duty-free under the Developing Countries Trading Scheme (DCTS). This scheme benefits Nigerian non-oil products, particularly in agriculture and raw materials, for UK's market access. Nigerian government aligns this opportunity with its Zero-Oil Plan to diversify economic exports and improve infrastructure. The confirmation was made during a courtesy visit by the British High Commissioner to Nigeria, Dr Richard Montgomery, to Nigeria's Minister of Industry, Trade and Investment, Jumoke Oduwole in Abuja. According to both parties, the DCTS remains a crucial pillar of trade relations between the two countries. The scheme, which came into force in June 2023, replaced the UK's Generalized System of Preferences. It aims to boost trade with 65 developing countries by simplifying trading rules and reducing import duties on a wide range of products. Under this arrangement, Nigerian exports especially agricultural products and raw materials will continue to access the UK market without tariffs, provided they meet the origin requirements and other scheme conditions. New trade deal supports Nigeria's efforts to grow non-oil exports Montgomery emphasized that the UK is committed to helping Nigeria fully benefit from the DCTS. He noted that while duty-free access is in place, more needs to be done to support Nigerian exporters in meeting UK market standards, including product quality, packaging, and regulatory compliance. He added that the British High Commission is actively engaging with Nigerian businesses and trade associations to create more awareness and provide technical assistance where needed. On her part, Minister Jumoke Oduwole described the UK's continued support as timely, particularly as Nigeria intensifies efforts to diversify its economy away from crude oil dependence. She reiterated that the DCTS aligns with Nigeria's national goals under the Zero-Oil Plan, which seeks to increase earnings from agriculture, manufacturing, and creative exports. She also revealed that the Federal Government is working closely with stakeholders to scale up export readiness across multiple sectors, including the removal of logistics barriers, improving port infrastructure, and ensuring that exporters are educated on documentation and compliance. With the UK standing as one of Nigeria's top trading partners, the decision to uphold duty-free treatment under the DCTS reinforces Britain's post-Brexit trade approach while providing Nigerian exporters with a stable and preferential gateway into a high-value international market.
Zawya
05-05-2025
- Business
- Zawya
Jordan, Britain talk economic cooperation
AMMAN — Minister of Industry, Trade and Supply Yarub Qudah on Saturday discussed with British Trade Envoy to Jordan, Kuwait and Palestine Lord Iain McNicol ways to enhance economic and trade cooperation within the framework of the bilateral partnership agreement signed in 2021. The two sides, in presence of British Ambassador to Jordan Philip Hall, went over progress in implementing the agreement, in terms of streamlining rules of origin and developing the government structure to monitor its provisions by launching a partnership council and its technical committees, the Jordan News Agency, Petra, reported. Qudah noted the need to address challenges related to the "complexities" of the rules of origin and the "high" costs of compliance and export, compared with the facilitations granted by the UK to competing countries under the Developing Countries Trading Scheme (DCTS) programme. Qudah called for reviewing the current terms of the "simplified" rules of origin decision to ensure Jordanian products have "preferential" access to British markets. For his part, McNicol stressed his country's "keenness" to expand economic cooperation with Jordan, underlining his country's support for developing the Kingdom's investment environment and enhancing trade exchange through sustainable initiatives, including support for small and medium-sized enterprises and stimulating British investment in Jordan's "vital" productive sectors. On future action, both sides agreed on the "importance" of accelerating the pace of work to organise the upcoming Jordanian-British Business Forum. The ministry said that the event would serve as a platform to boost partnerships in the two countries' private sectors and explore "new" cooperation opportunities, Petra added. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
