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PH exporters to benefit from new UK trading scheme: envoy

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<p>MANILA — Philippine exporters can save as much as P1.4 billion annually under the UK&#x27;s new Developing Countries Trading Scheme (DCTS) which takes effect on June 19.</p><p>The DCTS is meant to replace the Generalized Scheme of Preference+ (GSP) which makes the UK &quot;even more attractive to exporters in countries such as the Philippines,&quot; British Ambassador to the Philippines Laure Beaufils told ANC.</p><p>Exporters should take advantage of the new trading scheme since it offers even lower duties on some products such as tuna, the envoy said.</p><p>&quot;We&#x27;re looking at P1.4 billion cost savings which is not negligible and that&#x27;s just from the scheme,&quot; she said.</p><p>Beaufils said some 150 new products were also added to the o-duties lists under the scheme.</p><p>&quot;We&#x27;ve added a lot of lines so there are 150 new products that are part of the scheme for which there will be no duties or tariffs going into the UK. A significant example is on tuna product where there used to be 20 percent duties and there will no longer be any and so it will be much more attractive for exporters to export tuna into the UK,&quot; she said.</p><p>&quot;We&#x27;ve removed conditions so there are no additional hoops to jump through for exporters that are wanting to export to the UK, so as a result of that we find that it will be much more attractive and financially viable for exporters to export to the UK,&quot; she added.</p><p>Aside from tuna, other agriculture products, tropical fruits and electronic products are also attractive to the UK, the official said. </p><p>The new trading scheme can further boost the trade between the UK and Philippines which had already reached a high of £2.4 billion in 2022, Beaufils said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/24/23/uk-trade-envoys-visit-seen-reinforcing-relations-with-ph">UK Trade Envoy&#x27;s visit seen &#x27;reinforcing&#x27; relations with PH</a></li>	<li><a href="https://news.abs-cbn.com/business/06/06/23/trade-chief-to-fly-to-brussels-to-bat-for-ph-eu-free-trade-deal">Trade chief to fly to Brussels to bat for PH-EU free trade deal</a></li>	<li><a href="https://news.abs-cbn.com/video/business/08/26/16/british-trade-envoy-brushes-up-on-his-tagalog">British trade envoy brushes up on his Tagalog</a></li></ul><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2685714" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Philippine exporters can save as much as P1.4 billion annually under the UK's new Developing Countries Trading Scheme. 