UK’s ‘Developing Countries Trading Scheme’ to benefit Bangladesh, says British envoy to Dhaka

Robert Chatterton Dickson, the British High Commission in Dhaka, has underlined the newly-launched Developing Countries Trading Scheme (DCTS), which would provide tariff reductions and simpler terms of trade to 65 developing countries including Bangladesh, will benefit Bangladesh.

Robert Chatterton Dickson further added the DCTS, which will come into force in early 2023, will replace the UK Generalised Scheme of Preferences.

As per a statement issued in this direction, DCTS will be one of the most generous sets of trading preferences of any country and will provide a clearer and streamlined trading arrangement for Bangladesh.

The British High Commissioner was further quoted saying that ‘DCTS will harness the power of trade and the private sector to enable developing countries like Bangladesh to grow and prosper’.

Meanwhile, Commerce Minister Tipu Munshi added “Bangladesh and Britain have a historic relationship and we are proud to elevate our trade relationship with Global Britain. With the United Kingdom’s new DCTS scheme encouraging the prosperity of our Bengal Tiger economy, we can continue our efforts to promote Bangladeshi business, UK-Bangladesh trade and continue our strong economic growth.”