As UK introduces DCTS, Indian goods worth $960 mn to lose concessional duty access

NEW DELHI: Indian goods worth $960millionwilllosetheirconcessional duty access due to the UK’s new Developing Countries Trading Scheme (DCTS) that will supersede thepreviouspreferentialregime.

Thegoodsincludecarpets,leather products, iron and steel commodities, aircraft parts, precious metals and chemicals.

That said, this exclusion may turn out to be temporary as both countries are in the process of finalising a Free TradeAgreement.

Due to their removal from the "Standard Preferences list," Indian products are no longer subject to preferential duty regulations. The government is pressing for lower access for textiles and leather goods undertheFreeTradeAgreementthat India and the UK have been trying to workout.

India and the UK have been negotiatinganFTAsinceJanuarylast year, with a goal towards a comprehensive pact that is expected to significantly enhance the bilateral trading relationship worth an estimatedGBP34billionin2022.