Connect with us

Hi, what are you looking for?


British chamber calls developing-countries scheme PHL’s likeliest path to free trade with UK

THE British Chamber of Commerce Philippines (BCCP) said the UK’s new Developing Countries Trading Scheme (DCTS) will likely be the preferred channel for free trade between the UK and the Philippines in the absence of a bilateral free trade agreement (FTA).

“I don’t see an FTA in the near term,” BCCP Executive Director Chris Nelson said in a television interview on Monday. “But, I do think that the DCTS is going to be a boost and the trade between the Philippines and the UK, as it has done, will continue to grow. That (DCTS) is actually a simplified version of the UK’s Generalized Scheme of Preferences (GSP),” he added.

“When we exited Europe, we rolled over a number of those arrangements and encouraged and allowed goods and services to flow,” Mr. Nelson said. “(The DCTS) is a boost and we warmly welcome it.”

The British Embassy in Manila has said in a statement that the DCTS is designed to replace the UK’s GSP. The DCTS will come into force in early 2023 and will benefit 65 developing countries, including the Philippines.

The DCTS, launched on Aug. 16, will allow the Philippines to continue enjoying duty-free exports to the UK on over 80% of eligible products.

The new trading framework also allows the Philippines to be eligible for duty-free access for over 99% of all exports to the UK, saving around £21 million in tariffs annually.

“The scheme includes zero tariffs on almost £4.5 billion worth of imports of clothing and apparel, £300 million worth of foodstuffs and millions of pounds worth of other consumer products such as bicycles and children’s toys,” the British Embassy said.

The DCTS will also remove tariffs on over 150 additional products, and will simplify some seasonal tariffs.

“The DCTS also offers generous rules of origin, making it easier to produce goods using components from other countries without losing duty-free status. It will be one of the most generous sets of trading preferences of any country in the world, helping to grow trade, boost jobs and drive economic growth,” the British Embassy said.

Trade Secretary Alfredo E. Pascual has said that the Philippines is hoping to forge more FTAs to boost foreign investment.

The British Embassy estimates that goods and services trade between the UK and the Philippines at £2 billion a year. — Revin Mikhael D. Ochave 

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!


Editor’s Pick

The Governor of the Bank of England has ruled out an emergency rate rise following a rout in the pound. In a statement just...


SEAN YORO-UNSPLASH By Keisha B. Ta-asan THE INTERNATIONAL Monetary Fund (IMF) expects Philippine expansion to slow this year as rising interest rates cloud the...


THE PHILIPPINE central bank is expected to raise the policy rate to 5% by yearend — higher than the initial 4.5% forecast — to...


PHILSTAR FILE PHOTO By Kyle Aristophere T. Atienza, Reporter PRESIDENT Ferdinand R. Marcos, Jr. should fulfill his campaign promise to modernize the Philippines’ maritime...


PHILIPPINE EMPLOYERS will probably increase their budget for pay increases next...


BW FILE PHOTO By Diego Gabriel C. Robles PHILIPPINE EMPLOYERS will probably increase their budget for pay increases next year amid a tight labor...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.