by Nigeria is to benefit from United Kingdom’s new trading scheme that will cut tariffs on hundreds of everyday products exported from developing countries.
The scheme means that a wide variety of products from clothes and shoes to foods that aren’t widely produced in the UK including olive oil and tomatoes would benefit from lower or zero tariffs.
The British High Commission in Abuja said the Developing Countries Trading Scheme DCTS, would help UK businesses access hundreds of products from Nigeria and around the globe at lower prices, reducing costs for UK consumers.
UK’s International Trade Secretary Anne-Marie Trevelyan said the new Scheme, which would be extend tariff cuts to hundreds of more products exported from developing countries, going further than the EU’s Generalised Scheme of Preferences.
This is in addition of the thousands of products which developing countries can already export to the UK duty-free and will mean 99% of goods imported from Africa, for example will enter the UK duty free.
The DCTS replaces the UK Generalised Scheme of Preferences, which was rolled over from our EU membership, and will come into force in early 2023.
It would also boost trade with 65 developing countries, support jobs and growth at home and abroad, and reinforce the UKs economic security.
The scheme covers 37 countries in Africa, 18 in Asia, 8 in Oceania and 2 in the Americas, representing varied and exciting trade opportunities around the world.
Source: radionigeria.
