UK eliminates tariffs on Nigerian-made goods and goods from other countries, in order to save businesses and consumers millions of pounds annually.
The United Kingdom (UK) on Monday streamlined trading regulations and reduced tariffs on products from developing nations, including Nigeria.
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According to a statement by the British Deputy High Commission in Nigeria, the new post-Brexit Developing nations Trading Scheme (DCTS) program of the UK covers 65 nations, including Nigeria.
It claimed that under the new plan, more than 99% of Nigerian exports will immediately qualify for duty-free entry to the UK.
It was also mentioned that around 3,000 additional products would have enhanced preferential access for Nigeria.
The group calls on the US and the UK to punish those who undermine Nigerian democracy. The statement read, “4.5% removed on cocoa paste, 26.5% removed on fruit juices, & 14% removed on prepared tomatoes.”
According to the statement, the program eliminates or lowers tariffs and streamlines trading regulations so that more products are eligible for the program, making it more generous than the EU program in which the UK previously participated.
The program will help developing nations who want to diversify and boost exports, boosting their economies and bringing about job growth.
When introducing the program during a visit to Bole Lemi, the largest industrial business park in Ethiopia, Minister of International Trade Nigel Huddleston said, this DCTS scheme is a brilliant example of the UK taking advantage of its status as an independent trading nation and I am excited to see it implemented today.
Nigeria is one of the UK’s most significant partners in Africa, and the UK government is committed to working with Nigerian entrepreneurs and exporters to increase trade between our two great nations, according to Ben Llewellyn-Jones, the UK’s deputy high commissioner in Lagos.
Nigeria and other emerging economies can flourish and prosper thanks to the UK’s Developing Countries Trading Scheme.
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The elimination of tariffs on more than 3000 common goods that Nigeria now exports, such as cocoa, cotton, plantains, flowers, fertilizers, tomatoes, frozen shrimps, and sesame, is one of the main advantages of this new UK trading program.
The new program’s main objective is to increase commerce with emerging nations, which will help those nations’ economies and assist job creation.
