LAHORE Aug 28 (Online): President British-Pakistan Friendship Council North West UK Muhammad Arbab Khan Sunday disclosed that the United Kingdom has launched a “Developing Countries Trading Scheme”(DCTS) commencing early next will provide tariff reduction and simpler terms of trade to 65 countries including Pakistan.
Talking to Chairman UK-Pakistan Business Council Mian Kashif Ashfaq here today through zoom he said the DCTS replaces the UK generalised scheme of preference (GPS),a preferential trading system that provides tariff removal and reduction on various products.
He said 94% of goods exported from Pakistan will benefit of duty free access to the UK by saving £120 million in tariffs. He said bed linen, jeans and other products will save over £250 million.
UK international trade secretary Anne-Marie Trevelyan launched the scheme, he told.
DCTS will remove tariffs on over 156 additional products, and it will also simplify some seasonal tariffs, he went on, total trade between two countries stands at £2.9bn annually.
Mian Kashif hoped that volume of trade will swell to new heights after DCTS implementation starts next year.
He emphasised the need to fully explore untapped markets in UK.
UK-Pakistan Business Council will continue to facilitate all foreign investors for help identifying the areas of mutual interest for investment, he concluded.
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