New UK Trade Scheme to Cut Tariffs for Goods From Developing Countries

The U.K. this week launched its new Developing Countries Trading Scheme (DCTS), which it said will “go further” than the EU’s Generalized Scheme of Preferences by cutting tariffs on hundreds of additional products exported from developing countries. DCTS will allow a “wide variety” of goods, including clothes and foods that aren’t widely produced in the U.K., such as olive oil and tomatoes, to benefit from reduced or zero tariffs, the country said. The U.K. said the new scheme will allow British companies to see £750 million per year, or about $900 million, in “reduced import costs.” The DCTS, which also will simplify “complex” trade rules such as rules of origin, covers 65 countries across Africa, Asia, Oceania and the Americas.