The UK government has started to consult on a new set of trading rules, the proposed ‘Developing Countries Trading Scheme (DCTS)', for low- and lower-middle-income countries. The rules are aimed at helping low- and lower-middle-income countries trade their way out of poverty and will also benefit UK consumers with hopefully lower costs.
The UK government is still operating under the same rules as the European Union’s scheme but is now keen to take a simpler and more pro-growth approach to trade with these countries. The proposed DCTS would apply to 70 countries and aims to lower tariffs compared to those in the EU scheme and simplify rules of origin required for exporting in order to reduce bureaucracy.
The consultation was launched on July 19, 2021 and will last for eight weeks and seeks views from all stakeholders.