To enable businesses in countries like Bangladesh to access the UK market more easily, the United Kingdom government has launched a new scheme that aims to drive trade boosting jobs and growth
To enable businesses in countries like Bangladesh to access the UK market more easily, the United Kingdom government has launched a new scheme that aims to drive trade boosting jobs and growth. The new trading rules will help countries come out of poverty and also help British businesses and consumers at the same time, said Javed Patel, acting British High Commissioner in Dhaka.
The UK Developing Countries Trading Scheme (DCTS) is aimed at promoting global free, competitive and fair trade, "as well as demonstrating our commitment to Bangladesh, by enabling Bangladeshi businesses to access the UK market more easily."
He said: "Bilateral trade between the UK and Bangladesh stands at almost 4 billion pounds and there is room for growth. I encourage businesses here in Bangladesh to contribute to this important consultation through their trade bodies.”
The UK's total imports from Bangladesh more than doubled between 2009 and 2019, during which time the South Asian nation achieved an average growth rate of 6.6 percent. Extreme poverty rates more than halved from 1991 to 2016-17.
The proposed scheme would apply to 70 qualifying countries currently and include improvements such as lower tariffs and simpler rules of origin requirements for countries exporting to the UK, allowing countries to diversify their exports and grow their economies.
“Now the UK is an independent trading nation (after coming out of the European Union). We have a huge opportunity to do things differently, taking a more liberal, pro-trade approach that leads to growth and opportunity.
“Countries like Bangladesh and Vietnam have proven it’s possible to trade your way to better living standards, and our new Developing Countries Trading Scheme will help others do the same," UK’s International Trade Secretary Liz Truss said.
The UK Developing Countries Trading Scheme will apply to 47 countries in the Least Developed Country Framework (LDCF) and 23 additional countries classified by the World Bank as low-income and lower-middle-income countries.
Other low-income and lower-middle-income countries are not included in the scheme because they benefit from preferential terms offered by free trade agreements with the UK, the Dhaka Tribune said.