- Developing Countries Trading Scheme to boost trade between Pakistan and UK, says minister
The Ministry of Commerce has announced the launch of the Developing Countries Trading Scheme (DCTS) by the United Kingdom.
The DCTS, which replaces the UK’s Generalized Scheme of Preferences (GSP), presents significant benefits for Pakistan, further strengthening trade relations between the two Countries.
While announcing the launch of the DCTS, the Commerce Minister Syed Naveed Qamar said, “Pakistan will enjoy one of the most generous sets of trading preferences offered by any nation in the world. The scheme offers duty-free access to the UK for 94% of goods exported from Pakistan, significantly reducing export tariffs. It is projected that Pakistan stands to save approximately £120 million on export tariffs through this scheme.”
The minister further stated, “Currently, the total trade between the UK and Pakistan amounts to £4.4 billion, and the implementation of the DCTS is expected to enhance these trade ties even further. Pakistan retains its ‘Enhanced Preferences’ status, which ensures continued preferential access to the UK market.”
Pakistan, as one of the Countries benefiting from the DCTS, is well-positioned to leverage this opportunity for its economic growth. With increased access to the UK market, Pakistani businesses can expand their exports, tap into new consumer bases, and diversify their product offerings.
As the DCTS comes into effect, the Ministry of Commerce will work closely with relevant stakeholders to ensure that Pakistani exporters are aware of the scheme’s benefits and can capitalize on the new opportunities it presents.
The ministry will provide guidance and support to facilitate the seamless integration of Pakistani businesses into the UK market, further enhancing bilateral trade relations.
