Philippine tuna to enter the UK duty-free

Published 2023년 6월 8일

Tridge summary

The UK has launched its Developing Countries Trading Scheme (DCTS), replacing the EU-Generalized System of Preferences (GSP) Plus, offering duty-free trade to its 65 developing countries, including the Philippines. This scheme is expected to significantly boost Philippine tuna exports to the UK, as the 20% tariff will be removed. The DCTS also simplifies trading rules and removes conditions, providing access to duty-free trade for 92% of eligible Philippine goods. The Philippine Trade and Industry Secretary is optimistic about the scheme's potential to strengthen economic ties between the UK and the Philippines, with the country's GDP growth rate projected to reach 6% in 2023.

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Original content

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. 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 ...

Source: Mb