UK launches consultation on scheme for trade with developing nations

26 Jul '21

1 min read

Pic: Shutterstock

The UK government recently launched a consultation on new trading rules that will help countries out of poverty and help British businesses and consumers at the same time. The proposed Developing Countries Trading Scheme (DCTS) aims at boosting free and fair trade with developing nations, supporting jobs and growth across the globe and at home, an official press release said.

The proposed scheme would apply to 70 qualifying countries at present and include improvements like lower tariffs and simpler rules of origin requirements for countries exporting to the United Kingdom. The scheme will allow countries to diversify their exports and grow their economies, while British households and businesses benefit from lower prices and more choice.

The United Kingdom currently operates a similar scheme rolled over from the European Union (EU), but as an independent trading nation can now take a simpler, more generous, pro-growth approach to trading with developing countries.

The scheme will also help lower costs for UK businesses, leading to lower prices for consumers across a range of everyday products, by reducing tariffs on imports from low income and lower middle-income countries.

Fibre2Fashion News Desk (DS)

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