On 29 September 2022, the Government of the United Kingdom (UK) announced the suspension of preferential rates of customs duties on certain imports from 1 January 2023 until 31 December 2023 under the Generalised Scheme of Preferences (GSP). The affected items include:
- Goods originating from India: inorganic and organic chemicals, textiles, pearls, and precious metals, iron, steel, and articles of iron and steel; and
- Goods originating from Indonesia: animal or vegetable oils, fats, and waxes; wood and articles of wood, and wood charcoal.
The Developing Countries Trading Scheme (DCTS) is expected to enter into force in early 2023, and it will replace the GSP. This notice will only remain in place until the DCTS come into force, at which point, the suspension of preferential duty rates will take place in accordance with the DCTS.
The press release can be found here: UK Generalised Scheme of Preferences (GSP): goods graduation from 1 January 2023 - GOV.UK (www.gov.uk)