“I don’t see an FTA in the near term,” BCCP Executive Director Chris Nelson said in a television interview on Monday. “But, I do think that the DCTS is going to be a boost and the trade between the Philippines and the UK, as it has done, will continue to grow. That is actually a simplified version of the UK’s Generalized Scheme of Preferences ,” he added.
The British Embassy in Manila has said in a statement that the DCTS is designed to replace the UK’s GSP. The DCTS will come into force in early 2023 and will benefit 65 developing countries, including the Philippines. The new trading framework also allows the Philippines to be eligible for duty-free access for over 99% of all exports to the UK, saving around £21 million in tariffs annually.
The DCTS will also remove tariffs on over 150 additional products, and will simplify some seasonal tariffs.
Source: Digital Coin News (digitalcoinnews.net)
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