Bangladesh to be benefitted from New UK scheme

The UK Government recently launched Developing Countries Trading Scheme (DCTS) to grow free and fair trade with 70 developing nations including Bangladesh. 

The proposed scheme would include improvements such as lower tariffs and simpler rules of origin requirements for countries exporting to the UK, said a press release. 
 
UK International Trade Secretary Liz Truss said, "Trade fundamentally empowers people and has done more than any single policy in history to lift millions of people around the world out of poverty. 

"Now the UK is an independent trading nation we have a huge opportunity do things differently, taking a more liberal, pro-trade approach that leads to growth and opportunity. Countries like Bangladesh and Vietnam have proven it's possible to trade your way to better living standards, and our new Developing Countries Trading Scheme will help others do the same," she added. 

UK Foreign Secretary Dominic Raab said, "Cutting tariffs for poorer countries enables them to trade their way to genuine independence – and I'm proud we lead the world in offering that opportunity."

Acting British High Commissioner in Bangladesh Javed Patel said, "The proposed DCTS scheme signals the UK's appetite to promote global free, competitive, and fair trade, as well as demonstrating our commitment to Bangladesh, by enabling Bangladeshi businesses to access the UK market more easily. Bilateral trade between the UK and Bangladesh stands at almost £4billion and there is room for growth.  I encourage businesses here in Bangladesh to contribute to this important consultation through their trade bodies".

Bangladesh and Vietnam have demonstrated that increasing trade through schemes like the UK's DCTS helped them grow their economy, improve living standards, and drive down poverty.

UK total imports from Bangladesh more than doubled between 2009 and 2019, during which time the country achieved an average growth rate of 6.6%. Extreme poverty rates more than halved from 1991 to 2016/17.