Nigeria, others to benefit from UK’s trade rules
Nigeria is one of the countries that will benefit from the UK Government’s consultation on new trading rules.
The rules would help the countries to grow their trade and build back better businesses and help British businesses and consumers at the same time.
The UK Developing Countries Trading Scheme (DCTS) is a major opportunity to grow free and fair trade with developing nations.
The proposed scheme will apply to 70 qualifying countries and include improvements such as lower tariffs and simpler rules of origin requirements for countries exporting to the UK and allowing countries to diversify their exports and grow their economies.
The UK currently operates a similar scheme rolled over from the EU, but as an independent trading nation we can now take a simpler, more generous, pro-growth approach to trading with developing countries.
The UK Developing Countries Trading Scheme will apply to 47 countries in the Least Developed Country Framework (LDCF) and 23 additional countries classified by the World Bank as low-income and lower-middle-income countries.