Sri Lanka now able to boost trade with UK as DCTS goes live

• High Commissioner Hulton says new scheme is a tangible example of UK’s commitment to growing free and fair trade with countries such as SL
• Says SL well positioned to supply the UK due to increasing demand for sustainable, fair-trade, and healthier products

Sri Lanka will be able to improve trading with the United Kingdom as the new Developing Countries Trading Scheme (DCTS) came into force yesterday.
Sri Lanka is among the 65 countries that would benefit from the new facility.
The DCTS, which was announced last year, provides tariff reductions and simpler terms of trade. It will allow Sri Lanka to trade with the UK tariff-free on 92 percent of goods, leading to increased competitiveness of local products in that market. The DCTS is rolled out to replace the UK’s Generalised Scheme of Preferences (GSP).
“We hope that Sri Lankan exporters will broaden their opportunities with the UK by making use of the wider number of products for which tariffs have been removed. 

The DCTS is a tangible example of the UK’s commitment to growing free and fair trade with countries like Sri Lanka, boosting economies, and supporting jobs,” said the British High Commissioner to Sri Lanka Sarah Hulton in a statement yesterday. She acknowledged that the UK is Sri Lanka’s second largest export market and the DCTS demonstrates UK’s continued interest in strengthening this trade relationship.
According to the Sri Lankan High Commission, Sri Lanka is well positioned to supply  to the UK due to increasing demand for sustainable, fair-trade, and healthier products. It noted that with more flexible rules of origin it is easier for least developed countries to trade with Sri Lanka without losing tariff-free status, increasing the potential for supply chain development. To support business take-up of the DCTS, the UK Trade Partnerships programme (UKTP) has expanded and now covers Sri Lanka as well. UKTP provides technical assistance to almost-ready-to-export small and medium-sized enterprises (SMEs) and is delivered by the International Trade Centre (ITC). 
The programme will primarily provide trade promotion technical assistance to a selected number of Sri Lankan SMEs, preparing them to participate successfully in international trade fairs. This will improve the visibility of Sri Lankan producers, equip exporters with the necessary tools and knowledge, and facilitate their entry into new markets.