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UK to implement new trading scheme for Cambodia

Cambodia will start benefiting in April from the UK’s Developing Countries Trading Scheme (DCTS), a new type of customs preference unveiled by the European country in August 2022.
UK to implement new trading scheme for Cambodia ảnh 1Illustrative image (Source: AFP/VNA)
Phnom Penh (VNA) - Cambodia will startbenefiting in April from the UK’s Developing Countries Trading Scheme (DCTS), anew type of customs preference unveiled by the European country in August 2022.

British Ambassador to Cambodia Dominic Williams saidthat the DCTS will replace the former Generalised Scheme of Preferences (GSP) andwill be put into force in April. Cambodia will automatically be listed as oneof the beneficiary countries.

Cambodia already benefits from the UK's GSP whichgrants exports tariff-free and quota-free access to the UK market.

But the DCTS will replace and improve the former tradepreference scheme, with a new approach being taken regarding the origin of thegoods exported from Cambodia to the UK, according to the diplomat.

The key change between the two is about rulesof origin, said Williams, explaining that the new trade scheme should make iteasier for goods that are partially manufactured in Cambodia and partiallymanufactured in another country to be exported to the UK.  

Goods that are 100% manufactured in Cambodiaalready have tariff-free access to the UK, he stressed.

In 2022, the UK was the final destination of 3.94% ofCambodia’s total exports, according to data from the General Department ofCustoms and Excises. Most of them were clothing products.

Ministry of Commerce spokesperson Pen Sovicheat saidthat Cambodia will further boost exports to the UK market through the DCTS,expressing his hope for a rise in the export of agriculture-related products,especially in those with geographical indications (GI), such as the Kampotpepper or palm sugar./.
VNA
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