BCCP chairman Chris Nelson said UK Ambassador to the Philippines Laure Beaufils earlier disclosed plans to extend export finance to the Philippines.
DCTS preference countries such as the Philippines will receive access to duty-free, quota free trade on 92 percent of eligible goods which are over 99 percent of Philippine exports to the UK in terms of value. He said the UK made preferential trading with partners easier, particularly with developing countries, in terms of country of origin and the reduction of tariffs on 150 more tariff lines.
The DCTS is the UK’s alternative to the EU Generalized System of Preferences Plus . The UK said the DCTS is one of the most generous trade preference schemes in the world that benefits 65 countries, 3.3 billion people and over €20 billion of exports to the UK each year.