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Cambodia: New trading scheme may help the Kingdom’s exporters, Britain says
Cambodians are being encouraged to take part in the UK government’s public consultation on new trading rules that it says will help countries fight poverty.
The UK Developing Countries Trading Scheme (DCTS) sets out the British government’s approach to preferential market access for developing countries, including simplified rules of origin requirements and lower tariffs.
“The proposed DCTS scheme signals the UK’s appetite to promote global free and fair trade, as well as demonstrating our commitment to Cambodia, by enabling Cambodia’s businesses to access the UK market more easily,” said British Ambassador to Cambodia Tina Redshaw.
“Bilateral trade between the UK and Cambodia stands at [$1.014 billion] in the four quarters to the end of Q4 2020 and there is room for growth. I encourage people here in Cambodia to contribute to this important consultation, which is open to all,” she added.
The UK operates a similar scheme rolled over from its membership of the European Union but says it can improve upon it because it left the EU at the end of January.
“Now the UK is an independent trading nation we have a huge opportunity do things differently, taking a more liberal, pro-trade approach that leads to growth and opportunity,” said International Trade Secretary Liz Truss.
“Countries like Bangladesh and Vietnam have proven it’s possible to trade your way to better living standards and our new Developing Countries Trading Scheme will help others do the same,” she explained.
Vietnam’s exports to the UK more than tripled between 2009 and 2019. The country’s poverty rate was 5.9 percent last year, down from more than 20 percent 10 years earlier.
The consultation runs for eight weeks, seeking input from businesses, consumer associations, partner governments, civil society groups and any other interested stakeholders, including the public.
Source: https://www.khmertimeskh.com/50897552/new-trading-scheme-may-help-the-kingdoms-exporters-britain-says/