New UK Policy To Assist Bangladesh Ship Duty Free Apparels
UK has unveiled a new scheme called ‘Developing Countries Trading Scheme’ (DCTS) which will help Bangladesh export duty free apparels to UK, post its graduation from Least Developed Country (LDC) status.
DCTS provides countries one of the most generous sets of trading preferences of any country in the world and which is similar to the EU’s GSP Plus scheme.
DCTS applies to 65 countries, offering lower tariffs and simpler rules of origin requirements for exporting to the UK.
Bangladesh will lose its LDC status in 2026, which helped it to export duty free garments to the UK. DCTS will help Bangladesh export duty free garments and that too with simpler rules of origin requirements.
During the January to July 2023 period, the country shipped $3.11 billion worth of apparels, up 14.11 percent from the comparable period of 2022.
