The UK has announced a new strategy to enhance trade with SL: New employment opportunities.

The UK government has launched a consultation on new trading laws, claiming that the Developing Nations Trading Scheme (DCTS) is a significant chance to expand free and fair trade with 70 countries, including Sri Lanka.

 

More opportunities and less bureaucracy will be available under the proposed program. Lower tariffs and easier rules of origin restrictions for countries selling to the UK are among the changes, allowing countries to diversify their exports and build their economies.

 

The eight-week consultation on the UK's new plan invites input from all sectors of society, including businesses, the general public, civil society groups, consumers, associations, partner governments, and any other interested parties.

 

The UK currently has a comparable plan that was inherited from the EU, but as an independent trading nation, it may now take a simpler, more generous, pro-growth approach to dealing with poor countries.

 

Respondents will be able to express their opinions on the following topics throughout the consultation:

 

Simplifying the requirements for least developed countries' rules of origin;

 

Tariff reductions for low- and lower-middle-income countries;

 

Changes to the products graduation approach, which suspends preferential pricing on specific goods from specific nations according to on their competitiveness;

 

Source: Ft.lk