Biz Memos

UK’s Developing Countries Trading Scheme to be launched next month

UK�s Developing Countries Trading Scheme to be launched next month

MANILA, Philippines — In an interview with ANC’s Market Edge, Chris Nelson, executive director/trustee shared with news anchor Mimi Ong that the UK Developing Countries Trading Scheme (DCTS) will be launched in Manila on June 7, 2023. 

This hybrid event will highlight DCTS’ benefits such as reducing tariffs that will improve access to the UK market, as organised by the British Embassy Manila’s Department for Business and Trade. 

There will be an engagement of UK-Philippine exporters, business leaders, and other policymakers. Some keynote speakers will include Ambassador Laure Beaufils and DTI Secretary Alfredo Pascual. Representatives from the British Chamber’s Board and Member - Dyson Electronics will attend the event. The event will focus on various presentations — key benefits of DCTS, UK-Philippine trade trends and sectors, custom process, and the agricultural standards.

“It's removing, I think, 150 of the tariff lines and it will cover 3.3 billion people. Particularly, for the Philippines, it will continue to go grow in trade. The UK-PH trade is already doing extremely well with 2.4 billion pounds [in bilateral trade in goods and service], ” said Nelson.

The British Chamber, with its close partnership with the British Embassy Manila, supported DCTS by providing insights to the case analysis of the Boston Consulting Group. Further, DCTS’ key priority sectors will include electronics, coconut oil, spectacle lenses and processed fruits. 

The UK is one of the leading tech ecosystems in the world. In fact, Britain ranks as the third in the world, behind the US and China. To further boost UK-PH trade and investment opportunities, there will also be a London Tech Week from 12 to 16 June 2023. This event will bring over 20,000 government and corporate leaders, start-up founders, investors, and other people in tech to discuss the power of technology. The British Chamber’s Member - CyberQ group will participate in this event.

The British Chamber remains committed to supporting initiatives that will further liberalise the Philippine economy and strengthen the British presence in the community.

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