British High Commissioner Sarah Hulton said in a tweet that Sri Lanka has been included in the trading scheme for developing countries operated by Britain.
Through this program, more than 80% of Sri Lanka’s export products will have the opportunity to enter the British market duty-free.
Ms Sara Hulton says, in addition, more than 150 other products will be exempted from tariffs.
This trading scheme for developing countries has simplified certain seasonal tariffs and aims to facilitate the entry of Sri Lankan products into the British market.
This tax relief system, which will come into effect in 2023, has been introduced by Britain, replacing the GSP+ tax relief system.
With the departure of Britain from the European Union, the countries lost the preferential tariff relief related to the goods exported under the GSP+ tax relief. The Trade Scheme for Developing Countries has been introduced to restore that relief.
“The UK’s new Developing Countries Trading Scheme (DCTS) is one of the most generous sets of trading preferences of any country in the world, and will benefit Sri Lanka by boosting the economy and supporting jobs.
— Sarah Hulton OBE (@SarahHultonFCDO) August 16, 2022