To save businesses and consumers millions of pounds annually, the United Kingdom (UK) streamlined trading regulations on Monday and reduced tariffs on products from developing nations, including Nigeria.
According to a statement by the British Deputy High Commission in Nigeria, the UK’s new post-Brexit Developing Nations Trading Scheme (DCTS) programme covers 65 nations, including Nigeria.
It claimed that more than 99% of Nigerian exports immediately qualify for duty-free entry to the UK under the new plan.
It was also mentioned that around 3,000 additional products would have enhanced preferential access for Nigeria.
The statement read, “4.5% removed from cocoa paste, 26.5% removed from fruit juices, and 14% removed from prepared tomatoes.”
According to the statement, the programme eliminates or lowers tariffs and streamlines trading regulations to make more products eligible. Thus, it is more generous than the UK previously participated in the EU programme.
The programme will help developing nations that want to diversify and boost exports, boost their economies, and bring about job growth.
When introducing the programme during a visit to Bole Lemi, the largest industrial business park in Ethiopia, Minister of International Trade Nigel Huddleston 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.”
