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Developing Countries Trading Scheme

The U.K. has introduced a news scheme- Developing Countries Trading Scheme (DCTS)

20 Jun 2023

Context:

The U.K. has introduced a news scheme- Developing Countries Trading Scheme (DCTS)

About Developing Countries Trading Scheme:

DCTS will provide duty-free, quota-free trade to Least Developed Countries (LDCs) on everything but arms and duty-free.
It will contribute to developing countries’ integration into the global economy by creating stronger trade and investment partners for the future and strengthening supply chains.
The DCTS makes it easier to produce goods using components from other countries without losing duty-free status
Impact on India: Indian goods worth $960 million will lose their concessional duty access to the U.K. market.

News Source: TOI

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