UK to replace GSP trading system with new scheme: BCCP


Posted at May 29 2023 10:16 AM | Updated as of May 29 2023 10:31 AM

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The Developing Country Trading (DCT) scheme, set to be launched by the UK in the Philippines in June, is seen to further grow trade between the 2 countries, British Chamber of Commerce of the Philippines Executive Director Chris Nelson said on Monday.

DCT is meant to replace the EU's Generalized Scheme of Preferences (GSP), Nelson said.

The new trading scheme would cover 3.3 billion people, the British business leader said.

"This has been very well studied it's not just covering the Philippines obviously it covers a number of countries but the Philippines will be a major beneficiary," Nelson said.

"What it's going to do particularly for the Philippines is continue to grow trade that's already doing extremely well, I mean already we're now at £2.4 billion...DCT will add further stimulus to the already growing trade between the two countries," he added.

He said the DCT would focus on 4 main products namely electronics, coconut oil, spectacle lenses as well as processed fruits.

"There is a significant trade in electronics and obviously also in coconut oil and processed food," he said.

Nelson said the DCT scheme would be launched in the Philippines on June 7.