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The UK’s new trade program will benefit 80% of qualified PH products.

According to UK Ambassador Laure Beaufils, the Philippines will soon profit from the United Kingdom’s new trading initiative, which is scheduled to officially debut in June 2023.

The envoy stated that the generalized scheme of preferences (GSP) that the UK used to follow until it left the EU in 2020 will be replaced by the Developing Countries Trading Scheme (DCTS), which was created to act as a bridge between the new scheme and the GSP+.

“Here in the Philippines, closer to home, we’re set to introduce our new trading program, which will take the place of the GSP+. During the 2nd Embassy Night, which was hosted by the Philippine Business and News and Hotel Okura Manila, she announced that the DCTS, her new program, will be launched on June 7th.

The DCTS, which seeks to extend tariff reductions to hundreds more products exported from developing nations, was dubbed “incredibly ambitious” by the ambassador.

“It has added new lines that are trying to listen to the voices that we heard over consultation, in particular simplifying rules of origins,” the woman claimed.

The British Embassy in Manila, according to her, also made sure that Filipino companies had “clear information about opportunities and processes” to access the DCTS.

With the support of this program, Manila will continue to enjoy duty-free exports to the UK on more than 80% of the products that qualify, saving up to 21 million pounds annually.

Over 150 additional products will have their tariffs removed, and other seasonal duties will also be simplified.

The DCTS, according to the British Embassy, would also make it simpler for the Philippines to develop items utilizing components from other nations without compromising its position as a duty-free country.

Trade between the UK and the Philippines was worth 2.1 billion pounds in 2022.

“Our bilateral trade is at an all-time high, which is quite exciting for us. According to Beaufils, we have not only returned to pre-pandemic levels but have even exceeded them.

“We expect that to be a lot and happening over the course of the year,” she continued. “We’re ambitious, vibrant, and hungry for expanded trade between our two countries.

Richard Graham, the UK Prime Minister’s Trade Envoy to the ASEAN Economic Community, said the two countries have leaders who are “similar-minded” in terms of their desire to create growth and jobs in their own countries.

He declared, “The UK is here to cooperate closely with Philippine firms.

The president you have, in my opinion, is very pro-business and wants to see the private sector create the growth that will lead to future possibilities and jobs. We have a highly successful businessman as our Prime Minister, and this creates a good environment for further cooperation between us, he continued.

From April 24 to April 27, Graham, who is also the trade envoy to the Philippines, Malaysia, and Indonesia, is in Manila.

In a manner similar to that of the UK, the ambassadors of Germany, the Czech Republic, Israel, and Belgium mentioned the possibility of enhancing trade and investment ties between their respective nations and the Philippines during the event.

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