Today, the UK Government has 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 Developing Countries Trading Scheme (DCTS) is a major opportunity to grow free and fair trade with developing nations. The proposed scheme would apply to 70 qualifying countries currently and include improvements such as lower tariffs and simpler rules of origin requirements for countries exporting to the UK.
The scheme will allowing countries to diversify their exports and grow their economies, while British households and businesses benefit from lower prices and more choice.
The UK currently operates a similar scheme rolled over from the EU, but as an independent trading nation can now take a simpler, more generous, pro-growth approach to trading with developing countries.
The proposed new UK scheme will mean more opportunity and less bureaucracy for developing countries, for example by simplifying rules of origin requirements for the least developed nations.
“Now the UK is an independent trading nation we have a huge opportunity to do things differently, taking a more liberal, pro-trade approach that leads to growth and opportunity” – Liz Truss, International Trade Secretary
What does this mean?
- 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 proposed new UK scheme will mean more opportunity and less bureaucracy for developing countries, for example by simplifying rules of origin requirements for the least developed nations
- 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. For example, this could mean lowering tariffs on products including rice from Pakistan and trainers from Nigeria.
The consultation on the UK’s new scheme runs for eight weeks and seeks the view of all sectors of society, including businesses, the public, civil society groups, consumers, associations, partner governments and any other interested stakeholders. Views will also be sought from businesses and stakeholders with an interest across the globe.