The UK has implemented a new trade facility called the Developing Countries Trading Scheme (DCTS). Under this, 65 developing countries of the world including Bangladesh will get the benefit of exporting products at low prices and duty free. In a statement on June 19, the UK High Commission in Dhaka gave this information.
According to the statement, DCTS will provide one of the most liberal trade facilities in the world which will accelerate trade expansion, employment growth and economic progress. The new scheme reflects the UK’s commitment to further strengthen the long-term and reciprocal economic relationship between the UK and Bangladesh. Bangladesh is expected to pass the list of least developed countries in 2026. Due to changes brought in DCTS, even after LDC graduation, Bangladesh will be able to export 98 percent of manufactured goods to the UK duty-free. The UK previously followed the EU GSP policy. Now the new system will be introduced which is more liberal than GSP.
The UK High Commission said the DCTS promotes free and fair trade, human rights and good governance. DCTS’ priorities are based on respect for human and labor rights and compliance with relevant international conventions, including civil and political rights, anti-corruption, climate change and the environment. UK High Commissioner to Bangladesh Sarah Cook said DCTS will support Bangladesh’s manufacturing capacity.