ISLAMABAD, Aug 28 (APP): 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) to be commenced soon. He said the DCTS 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 Sunday through zoom, he said the DCTS replaces the UK generalized scheme of preference (GPS), a preferential trading system that provides tariff removal and reduction on various products, said a press release.
He said 94 percent of goods exported from Pakistan will facilitate duty free access to the UK by saving £120 million in tariffs.
He said that bed linen, jeans and other products would save over £250 million and added; UK international trade secretary Anne-Marie Trevelyan launched the scheme which would remove the tariffs on over 156 additional products besides simplifying some seasonal tariffs.
Mian Kashif said total trade between two countries stands at £2.9 billion annually. He hoped that volume of trade would swell to new heights after DCTS implementation starts next year.
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