Sitemap

New UK Scheme To Drive Trade With Developing Countries And Boost Jobs And Growth

Beijing Olympics: What Could A Diplomatic Boycott Achieve?

Calls for a diplomatic boycott of the...

Protesters Blocking Roads Due To New Laws On Property Expropriation And Referendum

Protests over the law on property expropriation...

An Order That Looks Beyond Just Economics, Prioritises Humans

Empirically speaking, downturns are followed by recovery....

The Pandemic Exposed The Montenegrin Economy’s Vulnerability

We cannot undo the damage caused in the past, but it is up to us to give our all...

We’re Giving Our All To Emerge From The Crisis

Despite the overall economic situation due to the COVID-19 pandemic, MFIC member companies continued to invest, create jobs and...

Serbia And European Union For Innovation

The synergy effect created from the partnership between the Republic of Serbia and the European Union has given a...

Mokra Gora Announced One Of The Best Tourism Villages Of 2021

The best examples of villages embracing tourism to provide opportunity and drive sustainable development have been celebrated at the...

WTA Suspends Tournaments In China

Beijing took umbrage on Thursday at the suspension of Women's Tennis Association (WTA) tournaments in China in solidarity with...

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.

Related Articles

Barbados Removes Queen Elizabeth II As Head Of State, Becomes Republic

The Caribbean island has now become the world's newest republic and is inaugurating its first ever Barbadian president. Barbados removed Britain's Queen Elizabeth II as head of...

Stockbrokers At London Firm Get Unlimited Holiday To Stop Burnout

Staff at Finncap will have to take at least four weeks off as a bumper year has led to longer hours The London stockbroker FinnCap...

Amazon To Stop Accepting Visa Credit Cards In UK

Amazon will stop accepting Visa credit cards issued in the UK from 19 January, the online retail giant has said. It said the move was...

Scarfe: Sixty Years Of Being Rude, Gerald Scarfe

In the stunning retrospective Scarfe, which expands on 2005’s Drawing Blood in every way, Gerald Scarfe’s work is presented as no book has presented...

The Remote British Island That Remains Untouched By Covid

Alasdair and Gill Maclean say they felt a bit guilty having spent much of the past year happily living on a beautiful, tropical island,...

Hundreds Of Behind The Scenes Photos From The Harry Potter Films Are On Display In London

Hundreds of behind-the-scenes images from the Harry Potter films form the heart of a new exhibition in London marking 20 years since the Boy...

Reception On The Occasion Of Signing The Partnership, Trade And Cooperation Agreement Between Serbia And The UK

On the occasion of the signing and entry into force of the Partnership, Trade and Cooperation Agreement between the Republic of Serbia and the...

G7 Summit 2021 Start In Cornwall – As It Happened

Leaders started the three-day event in the UK with global pandemic recovery high on the agenda, including a commitment to share 1 billion vaccine...