In a bid to fortify trade relations and stimulate sustained economic growth, the UK has upgraded its Developing Countries Trading Scheme (DCTS) with Bangladesh, offering the latter duty-free access for 98% of its exports, including readymade garments. The reformulated scheme represents the UK's dedication to a contemporary, mutually advantageous partnership with Bangladesh.
Due for graduation from Least Developed Country status in 2026, Bangladesh now benefits from a trade agreement that surpasses the generosity of the European Union’s scheme, which the UK previously belonged to. The advanced DCTS serves as a powerful engine for integrating developing nations into the global economy, fostering robust future trade and investment partnerships, and reinforcing supply chains.
An innovative feature of the scheme allows goods produced with components from other countries to retain their duty-free status. This enhancement positions Bangladesh to partake in global value chains that involve raw materials from 95 countries and export their final products to the UK duty-free, subject to certain stipulations.
Further underscoring its commitment to free and fair trade, the DCTS concurrently upholds human rights and good governance. Retention of DCTS preferences depends on the respect for human and labour rights, compliance with relevant international conventions such as civil and political rights, anti-corruption, climate change, and environmental stewardship.
In a statement, Sarah Cooke, the British High Commissioner to Bangladesh, stressed the transformative power of DCTS, enhancing Bangladesh's manufacturing capacity, fuelling long-term economic growth, and facilitating entry into global supply chains. The scheme also benefits the UK through broader consumer choice and competitive pricing, embodying a testament to the UK's commitment to a modern, mutually beneficial alliance with Bangladesh, founded on deeper economic and trade ties and global standards.
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