In a significant development, Bangladesh has successfully retained its duty-free market access to the United Kingdom.
This is as per reports, which added the United Kingdom has recently introduced a groundbreaking initiative called the Developing Countries Trading Scheme (DCTS), which guarantees duty-free market access to Bangladesh and other eligible countries.
This new scheme aims to support economic development in developing nations and strengthen trade relations with strategic partners.
Under the DCTS, Bangladesh will continue to enjoy preferential market access to the UK, including duty-free and quota-free trade. This arrangement is of significant importance to Bangladesh’s export sector, particularly its thriving readymade garment industry, which heavily relies on the UK market.
The DCTS represents a significant milestone in the UK’s commitment to fostering inclusive trade and sustainable development. By providing enhanced market access, it enables developing countries like Bangladesh to expand their export base, attract investment, and create employment opportunities.
The announcement has been warmly welcomed by Bangladesh, highlighting the country’s strong bilateral ties with the UK and the mutual benefits derived from such trade agreements. The duty-free market access offers stability and certainty for Bangladeshi exporters, encouraging long-term partnerships and boosting economic growth.
