Developing Countries Trading Scheme
Context:
The U.K. has introduced a news scheme- Developing Countries Trading Scheme (DCTS)
About Developing Countries Trading Scheme:
- DCTS will provide duty-free, quota-free trade to Least Developed Countries (LDCs) on everything but arms and duty-free.
- It will contribute to developing countries’ integration into the global economy by creating stronger trade and investment partners for the future and strengthening supply chains.
- The DCTS makes it easier to produce goods using components from other countries without losing duty-free status
- Impact on India: Indian goods worth $960 million will lose their concessional duty access to the U.K. market.