RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) organized an awareness session on the trade regime of developing countries.
The program aims to help stakeholders and business people diversify their export-oriented businesses in the UK.
British High Commission Senior Trade Policy Advisor Fabian Hartwell, who was the keynote speaker, had an interactive session with members, entrepreneurs and representatives from different business sectors.
RCCI President Saqib Rafiq, Senior Vice President Mohammad Hamza Sarosh, Vice President Faisal Shahzad, Executive Committee members and members were also present on the occasion.
Fabian Hartwell informed the participants that the trading system for developing countries will come into effect at the beginning of 2023. The trading system will support sustainable growth in developing countries through a generous unilateral offer, he added.
He further clarified that the developing country trade regime applies to countries that currently benefit from the UK’s Generalized Preferences (GSP) scheme. The GSP includes 47 countries under the GSP framework for least developed countries (LDCs) and 18 additional countries or territories classified by the World Bank as low-income (LIC) and lower-middle-income countries ( PRIM).
Under this scheme, Pakistan will continue to benefit from duty-free exports to the UK. In addition, DCTS will remove tariffs on more than 156 additional products. It will also simplify some seasonal tariffs, meaning additional and easier access for Pakistani exports to the UK.
Total trade (goods and services) between the UK and Pakistan is £2.9 billion.
A total of 94% of goods exported from Pakistan will be eligible for duty-free access to the UK. Pakistan will save £120 million in customs duties on exports to the UK under the scheme.
Posted in Dawn, October 9, 2022