The United Kingdom has announced its readiness to cut tariffs on products from Nigeria and other developing countries.
According to a statement released recently by the British High Commission in Abuja, the step was to restore trading rules, save businesses and consumers millions of pounds a year.
This came following the country’s new post-Brexit Developing Countries Trading Scheme covering not less than 60 nations and commencing action today.
The scheme removes or reduces tariffs and simplifies trading rules so that more products qualify for the scheme, making it more generous than the EU scheme the UK was previously a member of.
The scheme will also benefit developing countries looking to diversify and increase exports, driving their prosperity and creating jobs. Over time, as developing countries increase trade with the UK under the scheme, businesses could save millions more on import costs.
