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.
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. For example, she said, tariffs on goods such as tuna, shirts, corn starch, and durum wheat flour will all be removed and will create savings of potential millions of dollars for Filipino exporters.
This makes it easier to trade with the UK and to produce goods using components from other countries without losing duty-free status. “We look forward to our country having access to duty-free, quota-free trade on 92 percent of our eligible goods or 99 percent of our exports to the UK. These concessions will enable more Philippine exporters to compete in the UK market successfully,” Pascual said.
As the scheme strengthens the UK and the Philippines' economic ties, Pascual said the UK can also look forward to the Philippines' continued development—focused on trade and investments.
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