28 Nov 2022 16:48

UK includes Kyrgyzstan, Uzbekistan in new Developing Countries Trading Scheme

BISHKEK. Nov 28 (Interfax) - The UK has included Kyrgyzstan and Uzbekistan in its new Developing Countries Trading Scheme or DCTS, an initiative that will grant trade preferences to 65 countries.

Commonwealth & Development Office Trade Policy Adviser Fabian Hartwell said at a briefing in Bishkek that the DCTS, which will take effect in 2023, would extend to 47 countries in the Least Developed Country Framework and currently covered by the UK Generalised Scheme of Preferences, or GSP, plus another 18 that the World Bank countries or territories classified by the World Bank as low income and lower middle income.

Kyrgyzstan, among others, is entitled to enhanced preferences and will continue to benefit from the duty-free exports to Britain granted by the GSP, while the DCTS will enable tariffs to be lowered or abolished for more than 156 additional goods.

"As a result, some 4,500 goods from Kyrgyzstan can go to the UK under preferential tariffs. This is 85% of the more than 6,000 goods that the republic is permitted to export to our country. We met with business representatives from Kyrgyzstan. They showed a lot of enthusiasm. The republic has potential in supplies of dried fruits, natural fabrics, clothing, flax, nuts and honey," Hartwell said.

Trade in goods and services between the UK and Kyrgyzstan was $245.5 million in 2021.

The UK imports goods and services worth more than 21 billion pounds each year from GSP countries, chiefly India, Bangladesh and Uzbekistan. The main goods subject to lower tariffs in the DCTS framework will be clothing, textiles, food goods and beverages.