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How Nigeria will Benefit from UK’s New Trading Scheme ‘DCTS’

United Kingdom’s International Trade Secretary Anne-Marie Trevelyan has launched the new Developing Countries Trading Scheme (DCTS)

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GBP-NGN UK-Nigeria DCTS trade and currency
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United Kingdom’s International Trade Secretary Anne-Marie Trevelyan has launched the new Developing Countries Trading Scheme (DCTS), which will extend tariff cuts to hundreds of more products exported from developing countries, going further than the EU’s Generalised Scheme of Preferences.

Key highlights

·The new trading scheme will cut tariffs on hundreds of everyday products

· Developing Countries Trading Scheme (DCTS) will help UK businesses access hundreds of products from Nigeria and around the globe at lower prices, reducing costs for UK consumers

· Will boost trade with 65 developing countries, support jobs and growth at home and abroad, and reinforce our economic security

This is on top of the thousands of products which developing countries can already export to the UK duty-free [and will mean 99% of goods imported from Africa, for example will enter the UK duty free].

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.

Secretary of State for International Trade Anne-Marie Trevelyan said:

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“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. 

“UK businesses can look forward to less red-tape and lower costs, incentivising firms to import goods from developing countries.”

Gill Atkinson, Acting British High Commissioner to Nigeria, said:

“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 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.”

The DCTS covers 65 countries across Africa, Asia, Oceania and the Americas including some of the poorest countries in the world.

It removes some seasonal tariffs, meaning more options for British supermarkets and shops all year round. For example, cucumbers, which can’t be grown in the UK in the winter, will now be tariff-free during this period for the majority of countries in the scheme.

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.

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  1. Pingback: How Nigeria will Benefit from UK’s New Trading Scheme 'DCTS' – TechEconomy.ng & More Latest World News Headlines - World News

  2. Pingback: How Nigeria will Benefit from UK’s New Trading Scheme 'DCTS' – TechEconomy.ng & More Breaking News - Up Exam Paper

  3. Pingback: How Nigeria will Benefit from UK's New Trading Scheme 'DCTS' – TechEconomy.ng – TechEconomy.ng | EUROP INFO

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