UK boosts trade with Sri Lanka via new initiatives, duty free scheme
View(s):The UK government continues to extend its support to Sri Lankan exporters through tariff reductions, offering significant concessions aimed at boosting trade under the new regime.
These measures are designed to enhance market access for Sri Lankan products, enabling local businesses to compete more effectively in the UK market.
By reducing or eliminating tariffs on a range of goods, the UK aims to strengthen its economic ties with Sri Lanka, supporting its exporters in expanding their reach and driving economic growth, official sources said.
This move aligns with broader efforts to facilitate international trade partnerships and promote economic development in the region.
In a bid to boost economic relations with Sri Lanka, the UK has introduced a series of initiatives to strengthen trade ties between the two nations.
A key measure in this strategy is the implementation of the Developing Countries Trading Scheme (DCTS).
Responding to a query in the UK House of Commons on October 10, Minister of State for the Department of Business and Trade, Douglas Alexander, revealed that the UK government is using various programmes to expand trade with Sri Lanka.
The British Government also works in Sri Lanka to promote UK trade, investment, trade policy objectives and export finance overseas. This is spearheaded by His Majesty’s Trade Commissioner (HMTC) to South Asia, he said.
These are complemented by regular Government-to-Government engagement including the annual UK-Sri Lanka Strategic Dialogue, one of the official mechanisms for discussion of trade-related issues and promoting areas of mutual interest, he added.
As a beneficiary Sri Lankan exports will receive zero duty for over 7000 eligible product lines (at HS 6 level) with the potential to grow under this scheme.
The DCTS, a central feature of these efforts, aims to reduce tariffs and simplify trading rules for Sri Lankan exporters.
The DCTS will provide duty-free, quota-free trade to Least Developed Countries (LDCs) on most products, and extend similar benefits to many low-income and lower-middle-income countries.
The UK’s approach, combining strategic initiatives and consistent bilateral engagements, highlights its commitment to deepening economic partnerships with Sri Lanka.
These measures are expected to lead to increased trade volumes, stronger ties, and expanded business opportunities, benefiting both nations in the long term.
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