The United Kingdom (UK) Monday simplified trading rules and cut tariffs on products from developing countries, including Nigeria, saving businesses and consumers millions of pounds a year.
The UK’s new post-Brexit Developing Countries Trading Scheme (DCTS) scheme, which implementation began yesterday, according to a statement by the British Deputy High Commission in Nigeria, covers 65 countries, including Nigeria.
It said with the new scheme, over 99% of goods exported from Nigeria would automatically be eligible for duty-free access to the UK.
It added that Nigeria would receive enhanced preferential access for almost 3,000 products.
The scheme was designed to benefit developing countries looking to diversify and increase exports, driving their prosperity and reducing their need for aid.
“4.5% removed on cocoa paste, 26.5% removed on fruit juices, and 14% removed on prepared tomatoes”, the statement said.
The scheme, according to the statement, removes or reduces tariffs and simplifies trading rules so that more products qualify for the scheme, making it more generous than the EU scheme the UK was previously a member of.
The scheme will benefit developing countries looking to diversify and increase exports, driving their prosperity and creating jobs.
Minister for International Trade Nigel Huddleston who launched the scheme while on a visit to Ethiopia’s largest industrial business park, Bole Lemi, said, “This DCTS scheme is a brilliant example of the UK taking advantage of its status as an independent trading nation and I am excited to see it implemented today.”
Speaking on the launch, UK Deputy British High Commissioner in Lagos, Ben Llewellyn-Jones said, “Nigeria is one of the UK’s most important partners in Africa and the UK government is committed to working with Nigerian businesses and exporters to boost trade between our two great nations. The UK’s Developing Countries Trading Scheme harnesses the power of trade to help Nigeria and other emerging economies grow and prosper.
“One major benefit of this new UK trading scheme is that it abolishes tariffs on over 3000 everyday products that Nigeria currently exports including cocoa, cotton, plantain, flowers, fertilisers, tomatoes, frozen shrimps and sesame. The overarching aim of the new scheme is to grow trade with developing countries, boosting the economy and supporting jobs in those countries, as well as in ours.”