Overview:
According to the UK’s government official website, the scheme dubbed, The Developing Countries Trading Scheme (DCTS) entered into force on 19 June 2023 and replaced the UK’s Generalised Scheme of Preferences (GSP).
Uganda is among the 32 African countries set to benefit from the UK’s new trade scheme dubbed ‘The Developing Countries Trading Scheme’ (DCTS) that entered into force on 19 June 2023.
The list is based on the report that the UK is looking to lower tariffs on goods from developing nations.
According to the UK’s government official website, the scheme dubbed, The Developing Countries Trading Scheme (DCTS) entered into force on 19 June 2023 and replaced the UK’s Generalised Scheme of Preferences (GSP).
Uganda is listed as a beneficiary alongside Burundi, Angola, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Eritrea, Ethiopia, Gambia, Guinea, Guinea-Bissau, Lesotho and Liberia.
Others are Madagascar, Malawi, Mali, Mauritania, Mozambique, Niger, Rwanda, Sao Tome & Principe, Senegal, Sierra Leone, Somalia, South Sudan, Sudan, Tanzania, Togo and Zambia.
The programme streamlines trading regulations and eliminates or lowers tariffs so that more items are eligible for the program, making it more liberal than the EU program in which the UK formerly participated.
The programme will also help emerging nations who want to diversify and boost exports in order to boost their economies and generate jobs.
According to Nigel Huddleston, UK’s Minister of International Trade, the program is a “brilliant example of the UK utilizing its status as an independent trading nation”.
“It will create opportunities for businesses around the world, supporting livelihoods, creating jobs, and diversifying local and international supply chains. It will also benefit UK businesses and consumers by lowering import costs on a whole range of products,” Huddleston said.