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JUST IN: UK lowers tariff to boost trade with Nigeria, says British envoy
“The DCTS aligns with the UK’s broader approach of using trade to drive development though four pillars: improving market access, providing support to trade, advocating for a fairer trading system, and mobilising sustainable investment.“
The United Kingdom government said yesterday it has lowered tariffs on about 3000 products in Nigeria to extend duty free trade on goods exported from the country.
British Deputy High Commissioner, Ben Llewellyn-Jones, disclosed this at the launch of the UK’s new Developing Countries Trading Scheme, DCTS, in Lagos, adding that Nigeria remained one of UK’s most important partners in Africa.
In his keynote address, Llewellyn-Jones said: “The DCTS will also boost Nigeria’s non-oil exports in line with the Federal Government of Nigeria’s wider trade policy objectives.
“The Developing Countries Trading Scheme, DCTS will benefit 65 countries, 37 of which are African. This new scheme offers developing countries one of the most generous sets of trading preferences of any country in the world and demonstrates the UK’s commitment to building long term, mutually beneficial relationships with emerging economies.
“The DCTS aligns with the UK’s broader approach of using trade to drive development though four pillars: improving market access, providing support to trade, advocating for a fairer trading system, and mobilising sustainable investment.“
