The country’s tuna exports to the UK will enjoy duty-free status upon the implementation of the generous Developing Countries Trading Scheme (DCTS), further boosting the Philippines and UK bilateral trade, which already reached an all-time high in 2022, British Ambassador to the Philippines Laure Beaufils said.
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The British ambassador pointed to the huge trade opportunities for the Philippines during the launch Wednesday, June 8 of the DCTS, a new UK preferential trading scheme for its 65 developing nations that are home to more than 3.3 billion people. The DCTS replaces the previous EU-Generalized System of Preferences (GSP) Plus when UK was still part of the EU. Beaufils noted that bilateral trade between the UK and the Philippines hit an all-time high in 2022 to 2.4 billion pounds, but bigger trade opportunities await with the expected implementation of the DCTS. For example, the 20 percent tariff on Philippine tuna exports to the UK will be removed. Tuna accounts for over 14 million pounds of average annual exports from 2020 to 2022, the ambassador pointed. This is because the DCTS retains previous EU-GSP Plus offer and remove import duties for over 150 extra new products including seasonal tariffs that would really benefit Filipino agricultural products, she said. With that, ...
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