UK Launches Scheme To Drive Trade With Nigeria, Boost Jobs Creation

Post-Brexit Britain is taking a more am­bitious, generous and pro-growth ap­proach to trading with de­veloping nations, Nigeria inclusive.

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The proposed new UK De­veloping Countries Trading Scheme aims to grow trade with lower income nations, supporting jobs and growth across the globe, including in Nigeria.

The UK Government has launched a consultation on new trading rules that will help countries like Nigeria grow its trade and build back better – and help British businesses and consumers at the same time.

The UK Developing Countries Trading Scheme (DCTS) 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 UK currently oper­ates a similar scheme rolled over from the EU, but as an independent trading nation we can now take a simpler, more generous, pro-growth approach to trading with de­veloping countries.

The UK Developing Coun­tries Trading Scheme will apply to 47 countries in the Least Developed Country Framework (LDCF) and 23 additional countries classi­fied by the World Bank as low-income and lower-mid­dle-income countries.

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The proposed new UK scheme will mean more opportunity and less bu­reaucracy for developing countries, for example by simplifying rules of origin requirements or reducing tariffs on imports. For in­stance, this could mean lowering tariffs on products including rice from Pakistan and raw materials from Ni­geria.

Foreign Secretary Dom­inic Raab said, “Cutting tariffs for poorer countries enables them to trade their way to genuine indepen­dence – and I’m proud we lead the world in offering that opportunity.”

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