Connect with us

Hi, what are you looking for?

Investing

UK launches post-Brexit trade scheme for 65 developing countries extending tariff cuts

The UK has launched its post-Brexit scheme to support trade with developing countries, extending tariff cuts to hundreds of products.

The Developing Countries Trading Scheme (DCTS) was announced today by International Trade Secretary Anne-Marie Trevelyan, in a bid to go further than the  EU’s Generalised Scheme of Preferences.

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

Products ranging from clothes and shoes to oil and tomatoes will now benefit from lower or even zero tariffs coming into the UK.

It has been estimated the scheme will allow UK firms to benefit from more than £750m a year of reduced import costs, allowing an easing on the burden for consumers amid the cost of living.

“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”, said Secretary of State for International Trade Anne-Marie Trevelyan.

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

The initiative is also set to remove seasonal tariffs on goods such as cucumbers, which can’t be grown in the UK during the winter, and simplifies trade laws such ‘rules of origin.’

The head of Bangladesh-based family-owned textile business DBL Group said the “new rules will be a game changer for us.”

Mohammed Jabbar, managing director, added “they mean we will be able to source our cotton from many more countries than we could before, which will make the business more competitive and our supply chains a lot more resilient.”

In wake of Brexit, the UK has pursued a free trade approach around the world through an initiative called ‘platinum partnerships’.

The approach looks to grow trade between Britain and low/middle income countries to reduce dependency on aid and strengthen investments in both directions.

Read more:
UK launches post-Brexit trade scheme for 65 developing countries extending tariff cuts

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global plastic pollution treaty, weeks...

Economy

By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded its growth forecast for the Philippines for this year and 2023, citing an “accommodative”...

Economy

THE PHILIPPINE auto industry’s sales recovery will likely be derailed if a measure reimposing excise taxes on pickup trucks is signed into law, according...

Economy

THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected to...

Economy

THE ASIAN Development Bank (ADB) is planning to allocate at least $14 billion for a program aimed at easing a food crisis in the...

Investing

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.