TRADE Secretary Alfredo E. Pascual welcomed the launch of the United Kingdom Developing Countries Trading Scheme , saying it will enable more Philippine exporters to compete in the UK market “successfully.”
The DCTS lowers or removes tariffs on more than 150 products. Its coverage extends to the country’s agricultural products such as tomatoes, milk and cream, cheese, grains, tropical fruits, and animal and vegetable oils, Pascual noted. But, beyond reducing tariffs, the Trade chief said the scheme’s “important” benefits for the Philippines rest on its provision for “simpler” rules and procedures, including the rules of origin. He said the simplified trade conditions and regional cumulation measures will benefit Philippine exports.
Moreover, Pascual underscored that the country remains “on track” to become an upper-middle income nation in the next few years, despite the global economic slowdowns and inflationary pressures.