The UK Government has announced the Entry of Force of the Developing Country Trading Scheme (DCTS) to cut down tariffs and also extended duty-free trade in goods exported from Nigeria and other African countries.
Mr Nigel Huddleston, Minister for International Trade, made the announcement during a visit to Bole Lemo, Ethiopia’s largest industrial business park.
This was disclosed in a statement on Tuesday by Ndidiamaka Eze, Senior Press and Public Affairs Officer, British Deputy High Commission.
Huddleston said that the scheme simplifies trading rules by cutting tariffs on products from developing countries which would help in saving business and consumers’ money.
He added that it would help in diversifying and increasing exports as well as cut import cost of goods.
“The DCTS scheme is a brilliant example of the Uk, taking advantage of its status as an independent trading union and I’m excited to see it implemented.
”It will create opportunities for businesses around the world by supporting livelihoods, creating jobs and diversifying local and international supply chains.
“It will also benefit Uk businesses and consumers by lowering import cost on a whole range of products,” he said.
Also, Mr Ben Llewellyn-Jones, British Deputy High Commissioner to Nigeria, noted that the scheme would boost Nigeria’s non- oil exports in line with the Federal Government’s wider trade policy objectives
He added that import costs would be reduced by over 750 million pounds per year, thereby reducing prices and increase choice of UK consumers and businesses.
“Nigeria is one of the Uk’s most important partners in Africa and the Uk Government is committed to working with the Nigerian businesses and exporters to boost trade between our great nation.
“The Uk’s Developing Countries Trading Scheme harnesses the power of trade to help Nigeria and other emerging economies grow and prosper.
“One major benefit of this new Uk trading scheme is that it abolishes tariffs on over 3,000 everyday products that Nigeria currently exports including cocoa, cotton, plantain, flowers, fertilizers, tomatoes, frozen shrimps and sesame.
“The overarching aim of the new scheme is to grow trade with developing countries, boosting the economy and supporting jobs in those countries as well as in ours,” he said.
The News Agency of Nigeria (NAN) reports that the DTCS covers 37 countries in Africa. (NAN)
