The United Kingdom is set to introduce a new trading scheme that will benefit Nigeria, and other African countries amid the global recession.
The PUNCH quoting Uk’s International Trade Secretary Anne-Marie Trevelyan reported that the UK will cut price tariffs on hundreds of everyday products exported into the country from 2023.
A wide variety of products ranging from clothes, shoes and food items including olive oil and tomatoes imported from Africa to the UK will benefit from lower or zero tariffs.
Trevelyan confirmed the development on Tuesday at the official launch of the Developing Countries Trading Scheme in Abuja, coming four years after former UK Prime Minister, Theresa May, had hinted about a new trade deal and economic partnership during her visit to Nigeria in 2018.
The trading scheme will assist British businesses to earn £750 million per year from reduced import costs, leading to more choice and lower costs for UK consumers to help with the cost of living.
Speaking at the launch, the Secretary of State for International Trade, Anne-Marie Trevelyan, noted that the new scheme was to reduce the cost of living and help support economies of developing countries in the face of a global recession.
She said, “As an independent trading nation, we are taking back control of our trade policy and making decisions that back the UK businesses, help with the cost of living, and support the economies of developing countries around the world.
“The UK businesses can look forward to less red tape and lower costs, incentivising firms to import goods from developing countries.”
Also in his address, the acting British High Commissioner to Nigeria, Gill Atkinson, said the new scheme was to create additional access for Nigeria’s exports to the UK.
“Nigeria will automatically benefit from enhanced preferences under the DCTS. This means 99% of total goods exported from Nigeria are eligible for duty-free access to the UK, saving £500,000 on 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.”
The DCTS covers 65 countries across Africa, Asia, Oceania and the Americas including some of the undeveloped countries in the world and is part of a wider push by the UK to drive free trade, pro-growth agenda across the globe.