At least 99 percent of goods imported from Africa and other developing countries will no longer pay full tariffs in the United Kingdom.
In a statement on Tuesday, The British High Commission in Nigeria, in a statement, said the tariff cut is captured under the UK’s developing countries trading scheme (DCTS).
According to the statement, the DCTS will help UK businesses access hundreds of products from Nigeria and around the globe at lower prices, thereby reducing costs for UK consumers.
It added that the scheme will boost trade with 65 developing countries, support jobs and growth in the UK and abroad, and reinforce the country’s economic security.
“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 – will benefit from lower or zero tariffs.
“The developing countries trading scheme ensures that British businesses can benefit from more than £750 million per year of reduced import costs, leading to more choice and lower costs for UK consumers to help with the cost of living,” the statement showed.
It further explained that the DCTS, which covers countries across Africa, Asia, Oceania, the Americas and some other poorest countries, removes some seasonal tariffs, providing more options and steady supply of products to British supermarkets and shops.
“This work is part of a wider push by the UK to drive a free trade, pro-growth agenda across the globe, using trade to drive prosperity and help eradicate 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.
On his part, Gill Atkinson, acting British High Commissioner to Nigeria, said the country will automatically benefit from enhanced preferences under the DCTS.
