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Developing Countries Trading Scheme (DCTS), recently seen in the news, is related to which one of the following countries?
- a)United States
- b)United Kingdom
- c)China
- d)France
Correct answer is option 'B'. Can you explain this answer?
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Developing Countries Trading Scheme (DCTS), recently seen in the news,...
United Kingdom
Developing Countries Trading Scheme (DCTS) is related to the United Kingdom. The DCTS is a trade preference scheme that allows developing countries to pay lower or no duties on their exports to the UK. This initiative aims to support developing countries in expanding their trade opportunities and boosting their economic growth.
Key Points:
- DCTS provides developing countries with preferential access to the UK market, helping them compete more effectively with other countries.
- By reducing or eliminating tariffs on their exports, DCTS enables developing countries to make their products more competitive in the UK market.
- The scheme also helps in promoting economic development and poverty reduction in the beneficiary countries by increasing their export earnings.
- The UK government periodically reviews and updates the list of countries eligible for DCTS benefits based on their economic status and development needs.
In conclusion, the Developing Countries Trading Scheme (DCTS) is an important initiative by the United Kingdom to support developing countries in expanding their trade opportunities and driving economic growth.
Developing Countries Trading Scheme (DCTS) is related to the United Kingdom. The DCTS is a trade preference scheme that allows developing countries to pay lower or no duties on their exports to the UK. This initiative aims to support developing countries in expanding their trade opportunities and boosting their economic growth.
Key Points:
- DCTS provides developing countries with preferential access to the UK market, helping them compete more effectively with other countries.
- By reducing or eliminating tariffs on their exports, DCTS enables developing countries to make their products more competitive in the UK market.
- The scheme also helps in promoting economic development and poverty reduction in the beneficiary countries by increasing their export earnings.
- The UK government periodically reviews and updates the list of countries eligible for DCTS benefits based on their economic status and development needs.
In conclusion, the Developing Countries Trading Scheme (DCTS) is an important initiative by the United Kingdom to support developing countries in expanding their trade opportunities and driving economic growth.
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Developing Countries Trading Scheme (DCTS), recently seen in the news,...
Exporters seeking to avail duty concessions on shipments to the UK will have to adhere to the new British rules under the Developing Countries Trading Scheme (DCTS).
About Developing Countries Trading Scheme (DCTS):
- It is a scheme introduced by the United Kingdom (UK) Government to facilitate developing countries to integrate into the global economy, create stronger trade and investment partnerships and strengthen supply chains.
- It is a simpler and more generous preferential trading scheme which has been designed to boost trade with developing countries in order to support their development.
- It reduces or removes rates of duty, or tariffs, on imports from eligible developing countries into the UK.
- It also enables UK businesses to access thousands of products from around the globe at lower prices, reducing costs for UK consumers.
- The DCTS applies to 65 countries, that are:
- least developed countries (LDCs) as defined by the United Nations.
- low-income countries (LIC) and lower middle-income countries (LMIC) as defined by the World Bank.
- DCTS will provide duty-free, quota-free trade to LDCs on everything but arms and duty-free, quota-free trade on 85% of eligible goods to most low LIC and LMIC countries.
- The DCTS does not extend to countries and territories deemed by the World Bank as ‘upper-middle income’ for three consecutive years, or to LICs and LMICs who have a free trade agreement (FTA) with the UK.
Hence option b is the correct answer.
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Developing Countries Trading Scheme (DCTS), recently seen in the news, is related to which one of the following countries?a)United Statesb)United Kingdomc)Chinad)FranceCorrect answer is option 'B'. Can you explain this answer?
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