UK introduces new trading rules for Nigeria, other developing nations
United Kingdom Government has introduced new trading rules, UK Developing Countries Trading Scheme, DCTS, that will help developing countries with lower income like Nigeria, grow their economies while also benefitting British businesses and consumers at the same time.
The scheme, according to a statement signed by Ndidiamaka Eze, Head of Press and Public Affairs, British High Commission, Lagos, is a major opportunity to grow free and fair trade with developing nations.
The proposed scheme will apply to 70 qualifying countries, including Nigeria and include improvements such as lower tariffs and simpler rules of origin requirements for countries exporting to the UK, allowing countries to diversify their exports and grow their economies.
The Scheme will apply to 47 countries in the Least Developed Countries Framework, LDCF, and 23 additional countries classified by the World Bank as low income and lower-middle-income countries.
The proposed scheme will mean more opportunity and less bureaucracy for developing countries for example by simplifying rules of origin requirements or reducing tariffs on products, including rice from Pakistan and raw materials from Nigeria.
British Foreign Secretary, Dominic Raab, said the new trading rules will reduce tariffs for poorer countries exporting to the UK.
He said, “Cutting tariffs for poorer countries enables them to trade their way to genuine independence, and i am proud we lead the world in offering that opportunity”.
Similarly, International Trade Secretary, Liz Truss, said that the new trade policy will lift millions of people in developing countries out of poverty.
