The United Kingdom (UK) Government has launched the Developing Countries Trading Scheme (DCTS), a consultation on new trading rules that will help countries like Nigeria grow its trade and build back better and also help British businesses and consumers.
According to a statement issued by the UK Mission in Lagos, the 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.
UK Foreign Secretary Dominic Raab, explained that “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.”
Also, UK’s International Trade Secretary Liz Truss, said that “trade fundamentally empowers people and has done more than any single policy in history to lift millions of people around the world out of poverty. Now the UK is an independent trading nation we have a huge opportunity to do things differently, taking a more liberal, pro-trade approach that leads to growth and opportunity.”
According to UK Trade Commissioner for Africa, Emma Wade-Smith, “the DCTS scheme signals the UK’s strong appetite to promote free and fair trade. It is a demonstration of our commitment to help boost economic growth and prosperity in Africa, by enabling businesses there to access the UK market more easily. The UK is committed to strengthening our commercial relationship with African partners.
“The new DCTS scheme will create a smoother path for companies to export to the UK. I encourage the African business community to contribute to this important consultation. We want to hear a range of views and perspectives, to ensure the scheme targets those areas that will have the greatest positive impact on growing our bilateral trade.”
The UK Government intends for its new scheme to be best in class, and has studied programmes in Canada, the US, Japan and the EU, before constructing an approach that takes some of the strongest elements of each and builds on them, the statement said.
The consultation on the UK’s new scheme runs for eight weeks and seeks the view of all sectors of society, including businesses, the public, civil society groups, consumers, associations, partner governments and any other interested stakeholders.