Welcoming the UK Government’s liberalisation of rules of origin under its Developing Countries Trading Scheme (DCTS), set to take effect in early 2026, the Ceylon Chamber of Commerce says this important step reflects the UK’s continued commitment to greater trade openness and flexibility, offering Sri Lankan exporters enhanced access to one of their key markets.

Issuing a statement, the Ceylon Chamber of Commerce said the reforms, which allow Sri Lankan apparel manufacturers to source up to 100% of inputs from any country while retaining tariff-free access to the UK, will provide a timely boost for the apparel industry—Sri Lanka’s largest export sector. 

The Ceylon Chamber of Commerce further said that, in addition, the expanded regional cumulation arrangements across 18 Asian countries will further strengthen supply chains and open up opportunities for other value-added exports.

Krishan Balendra, Chairperson of The Ceylon Chamber of Commerce, stated: “We deeply appreciate the efforts of the UK Government, the British High Commission in Sri Lanka, the Sri Lankan Government, and the Joint Apparel Association Forum in advancing this initiative. The liberalised rules of origin will provide a strong impetus to Sri Lanka’s apparel industry and help strengthen our position as a trusted and competitive partner in global supply chains.”

The Ceylon Chamber further encouraged Sri Lankan exporters to familiarise themselves with the new trade arrangements and prepare to take full advantage of the opportunities available. 

To support this transition, the Ceylon Chamber will collaborate closely with the UK High Commission and the Government of Sri Lanka to disseminate information and build broad-based awareness across the private sector, it added. (Newswire)

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Prime Minister Dinesh Gunawardena has welcomed the United Kingdom’s decision to include Sri Lanka as a beneficiary country under the UK GSP Scheme “Developing Countries Trading Scheme (DCTS)”.

According to the PM’s Office, Premier Gunawardena said Sri Lanka hopes that new investment projects will be initiated by the UK following the conclusion of the debt restructuring process and the unlocking of the IMF fund facility.

He added that Sri Lanka encourages UK investment in sectors such as education, banking and financial services, IT/BPM, pharmaceuticals, hospitality and tourism.

Prime Minister Dinesh Gunawardena made the remarks when the outgoing High Commissioner of the United Kingdom Sarah Hulton paid a farewell call on him at the Temple Trees yesterday (19).

The Prime Minister thanked the outgoing High Commissioner for her persistent efforts to strengthen friendly relations between Sri Lanka and the UK.

The Prime Minister said that the untiring efforts of the High Commissioner to further strengthen Sri Lanka and UK bilateral partnership were praiseworthy. 

During her assignment in Sri Lanka since 2019, a strong presence of the UK in Sri Lanka was maintained with engagement in diverse areas, he said.

High Commissioner Sarah Hulton said in this meeting that the support extended by PM Dinesh Gunawardena during his tenure as the Minister of Foreign Affairs and the Minister of Education as well as during his tenure as the current Prime Minister was a great strength for the bilateral relations between the two countries.

The Prime Minister wished the High Commissioner Hulton every success in her future endeavours.

Secretary to the Prime Minister, Anura Dissanayake also attended the meeting. (NewsWire)

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The United Kingdom (UK) is implementing the Developing Countries Trading Scheme (DCTS) from today, June 19, 2023.

According to the British High Commission in Sri Lanka, Sri Lanka is one of 65 countries benefiting from the UK’s DCTS which provides tariff reductions and simpler terms of trade. 

The High Commission stated that the scheme allows Sri Lanka to trade with the UK tariff-free on 92 per cent of goods, leading to increased competitiveness of Sri Lankan products in the UK market.

The full statement of the British High Commission in Sri Lanka:

From Monday 19 June 2023, the UK is implementing one of the most generous preferential trading schemes in the world. Sri Lanka is one of 65 countries benefiting from the UK’s Developing Countries Trading Scheme (DCTS) which provides tariff reductions and simpler terms of trade. The scheme was announced last year, and legislation has now been finalised to bring it into force.

The British High Commissioner to Sri Lanka Sarah Hulton OBE said: “The UK is Sri Lanka’s second-largest export market and the DCTS demonstrates the UK’s continued interest in strengthening this trade relationship. We hope that Sri Lankan exporters will broaden their opportunities with the UK by making use of the wider number of products for which tariffs have been removed. The DCTS is a tangible example of the UK’s commitment to growing free and fair trade with countries like Sri Lanka, boosting economies, and supporting jobs.”

Speaking at the launch of the scheme, UK Minister for International Trade Nigel Huddleston said: “[The scheme] will create opportunities for businesses around the world, supporting livelihoods, creating jobs and diversifying local and international supply chains.”

The DCTS allows Sri Lanka to now trade with the UK tariff-free on 92% of goods, leading to increased competitiveness of Sri Lankan products in the UK market. Sri Lanka is well positioned to supply the UK due to increasing demand for sustainable, fair-trade, and healthier products. With more flexible rules of origin, it is easier for least developed countries to trade with Sri Lanka without losing tariff-free status, increasing the potential for supply chain development.

To support business take-up of the DCTS, the UK Trade Partnerships Programme (UKTP) has expanded and now covers Sri Lanka. UKTP provides technical assistance to almost-ready-to-export small and medium-sized enterprises (SMEs) and is delivered by the International Trade Centre (ITC). The programme will primarily provide trade promotion technical assistance to a selected number of Sri Lankan SMEs, preparing them to participate successfully in international trade fairs. This will improve the visibility of Sri Lankan producers, equip exporters with the necessary tools and knowledge, and facilitate their entry into new markets. (NewsWire)

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