According to the UK government, tariffs on up to 99 percent of imports from Africa and other developing nations will be eliminated.
The British High Commission in Nigeria stated in a statement on Tuesday that the tariff reduction is covered by the UK’s developing countries trading policy (DCTS).
It claimed that the DCTS will cut costs for UK customers by enabling UK businesses to buy hundreds of products at lower prices from Nigeria and other countries.
The initiative, it was stated, will strengthen the nation’s economic security, support jobs and growth at home and abroad, and increase commerce with 65 developing nations.
The new developing countries trading scheme (DCTS), which will extend tariff cuts to hundreds of more products exported from poor nations and go beyond the EU’s Generalized Scheme of Preferences, was announced by the international trade secretary Anne-Marie Trevelyan.
“This is in addition to the thousands of items that developing nations can currently sell duty-free to the UK [and ensures that, for example, 99 percent of commodities imported from Africa will enter the UK duty-free].”
“The program implies that a wide range of products, from clothing and shoes to commodities like olive oil and tomatoes that aren’t extensively produced in the UK, would benefit from lower or free tariffs.
“This is in addition to the thousands of items that developing nations can currently sell duty-free to the UK [and ensures that, for example, 99 percent of commodities imported from Africa will enter the UK duty-free].”
“The program implies that a wide range of products, from clothing and shoes to commodities like olive oil and tomatoes that aren’t extensively produced in the UK, would benefit from lower or free tariffs.
The “Developing Countries Trading Scheme” makes sure that British companies may benefit from annual import cost savings of more than £750 million, which gives consumers in the UK more options and lower prices to help with the cost of living.
Following the statement, the DCTS, which covers some of the world’s poorest nations as well as those in Africa, Asia, the Pacific, and the Americas, removes some seasonal tariffs, giving British supermarkets and stores greater choices and a continuous supply of goods.
Cucumbers, which cannot be cultivated in the UK during the winter, will now be duty-free during this time for the vast majority of the participating nations, it said.
“This work is part of a larger UK effort to promote free trade and pro-growth policies around the world, utilizing trade to promote wealth and aid in the eradication of poverty.”
Speaking on the initiative, Trevelyan, UK’s international trade secretary, said UK aims at control of its trade policy to support businesses developing economies.
“As an independent trading nation, we are taking back control of our trade policy and making decisions that back UK businesses, help with the cost of living, and support the economies of developing countries around the world,” she said.
“UK businesses can look forward to less red-tape and lower costs, incentivising firms to import goods from developing countries.”
On his part, Gill Atkinson, acting British High Commissioner to Nigeria, said the country will automatically benefit from enhanced preferences under the DCTS.
“This means 99 percent of total goods exported from Nigeria are eligible for duty-free access to the UK, saving £500,000 of tariffs.
“As an example, cocoa butter exporters will save £180,000. It’s great to see that the new DCTS will also simplify seasonal tariffs, meaning additional access for Nigeria’s exports to the UK.”
