List of 32 African countries to benefit from the UK’s new trade scheme
The UK has indicated that it is prepared to lower tariffs on goods from developing nations. The British High Commission in Abuja, Nigeria issued a statement on Monday claiming that the action was taken to restore trading norms and save consumers and companies millions of pounds annually.
According to the UK’s government official website, the scheme dubbed, The Developing Countries Trading Scheme (DCTS) entered into force on 19 June 2023 and replaced the UK’s Generalised Scheme of Preferences (GSP). The DCTS is a simpler and more generous preferential trading scheme that has been designed to boost trade with developing countries in order to support their development.
The program streamlines trading regulations and eliminates or lowers tariffs so that more items are eligible for the program, making it more liberal than the EU program in which the UK formerly participated.
The program will also help emerging nations who want to diversify and boost exports in order to boost their economies and generate jobs. Businesses might save millions more on import expenses over time if emerging nations expand commerce with the UK under the plan.
Nigel Huddleston, UK’s Minister of International Trade, unveiled the program during a trip to Bole Lemi, Ethiopia’s largest industrial business park. He called it a “brilliant example of the UK utilizing its status as an independent trading nation” and expressed excitement over its implementation today.
“It will create opportunities for businesses around the world, supporting livelihoods, creating jobs, and diversifying local and international supply chains. It will also benefit UK businesses and consumers by lowering import costs on a whole range of products,” Huddleston said.
The DCTS applies to 65 countries that fall under one of the following categories, least-developed countries (LDCs) as defined by the United Nations low-income and lower-middle-income countries as defined by the World Bank. Below are the African countries set to benefit from this scheme:
Angola
Benin
Burkina Faso
Burundi
Central African Republic
Chad
Comoros
Democratic Republic of the Congo
Djibouti
Eritrea
Ethiopia
Gambia
Guinea
Guinea-Bissau
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritania
Mozambique
Niger Rwanda
Sao Tome & Principe
Senegal
Sierra Leone
Somalia
South Sudan
Sudan
Tanzania
Togo
Uganda
Zambia
