In order to save businesses and consumers millions of pounds annually, the United Kingdom (UK) stated that it has drastically streamlined trading regulations and reduced tariffs on goods from Nigeria and other developing nations.
The program simplifies trading regulations and eliminates or lowers tariffs so that more products are eligible for the program, making it more liberal than the EU program in which the UK formerly participated. Over 99% of the products that Nigeria exports will immediately be eligible for duty-free entry to the UK.
“The UK’s new trading scheme for 65 developing countries, DCTS, shows how we can use trade to deliver development,” said Andrew Mitchell, Minister for Development and Africa at the Foreign, Commonwealth and Development Office.
Nigeria is one of the UK’s most significant partners in Africa, and the UK Government is committed to working with Nigerian firms and exporters to increase trade between our two great nations, according to Ben Llewellyn-Jones, the UK’s deputy high commissioner in Lagos.