The United Kingdom, as an independent trading nation, yesterday announced its plan to lower import tariffs on a number of products from some of the world’s poorest nations. Hence, Sri Lankan exporters falling under certain categories can further benefit from trade with the United Kingdom.
The purpose is to strengthen trade ties between the UK and particular developing nations. Sri Lanka is a part of the initiative that will be launched under the Developing Countries Trading Scheme.
Along with seven other countries, including Pakistan, the Philippines, and Uzbekistan, the island nation is a party to the “Enhanced Preferences” trading agreement.
Sri Lanka will benefit from the UK’s new Developing Countries Trading Scheme (DCTS), one of the world’s most generous sets of trading advantages.
