UK lowers tariffs on imports of goods from Africa to increase trade

UK lowers tariffs on imports of goods from Africa to increase trade

The Nigerian-British Chamber of Commerce - UK lowers tariffs on imports of goods from Africa to increase trade
Trade August 17, 2022

According to the UK government, tariffs on up to 99 percent of imports from Africa and other developing nations will be eliminated.

The British High Commission in Nigeria stated in a statement on Tuesday that the tariff reduction is covered by the UK's developing countries trading policy (DCTS).

It claimed that the DCTS will cut costs for UK customers by enabling UK businesses to buy hundreds of products at lower prices from Nigeria and other countries. The initiative, it was stated, will strengthen the nation's economic security, support jobs and growth at home and abroad, and increase commerce with 65 developing nations.

Speaking on the initiative, Trevelyan, UK’s international trade secretary, stated that the UK wants to be in charge of its trade policies in order to promote companies in emerging markets. “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,” she said.

On his part, Gill Atkinson, acting British High Commissioner to Nigeria, said the country will automatically benefit from enhanced preferences under the DCTS.

“This means 99 percent 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.”

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Source: Affairs TV

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