DCTS was launched at a ceremony in Phnom Penh presided over by Bora and Dominic Williams, British ambassador to Cambodia.
The UK recently launched its Developing Countries Trading Scheme at a ceremony in Phnom Penh attended by British ambassador to Cambodia Dominic Williams.
The scheme would enable the latter to keep gaining benefits and export goods to the UK market with zero-tariff incentives, simpler procedures and more liberalised rules of origin requirements.
Bora said that the DCTS scheme would enable Cambodia to keep gaining benefits and export goods to the UK market with zero-tariff incentives, simpler procedures, more liberalised rules of origin requirements and simplify the conditions attached to the scheme and ability to participate in value chains involving materials from 95 countries.
“The trading scheme would help boost bilateral trade and increase high-quality goods that would be exported from Cambodia to UK,” Bora said.
Bilateral trade volume between the two sides has reached $121 million for the first two months of 2023 after rising by 23.98 per cent to $977 million in 2022 from $788 million in 2021, while the former gained the surplus from its exports of $886 million and imports of $91 million.
Cambodia’s primary export goods to the United Kingdom include apparel, textiles, footwear and bicycles, said a ministry of commerce release.
Fibre2Fashion News Desk (DS)