The United Kingdom’s ambitious Developing Countries Trading Scheme (DCTS) which launched last year and puts in place simpler and more generous trading terms for Nigeria is still in force.
The UK officially launched the DCTS in June 2023, which offers fast-growing economies like Nigeria one of the most generous sets of trading preferences of any country in the world and demonstrates the UK’s commitment to building a long-term, mutually beneficial relationship between both countries.
According to a statement, yesterday, the DCTS means that a wide variety of products that aren’t widely produced in the UK, including food items such as cocoa, plantain, olive oil, tomatoes and other vegetables, yam, shrimp and prawns and cashew nuts now benefit from lower or zero tariffs. The scheme sees tariff reductions on over 3000 products.
Reiterating the UK’s commitment to deepen bilateral trade ties between the UK and Nigeria, British High Commissioner to Nigeria, Dr Richard Montgomery, said: “As an independent trading nation, the UK is one of the foremost champions of free, fair, and inclusive trade. The UK’s Developing Countries Trading Scheme harnesses the power of trade to support Nigeria and other emerging economies’ ambition to grow and will boost Nigeria’s non-oil exports.
“As the UK Government, we’re keen to maximise uptake of the DCTS. In this respect, I’m happy that the recently signed Enhanced Trade and Investment Partnership (ETIP) will help address underlying export challenges in more detail and thus improve exports and the economic and social well-being of both our nations.”
British High Commissioner to Nigeria, Dr Richard Montgomery, added: “We have an online facility called the Growth Gateway with a team ready to provide technical assistance and help partner agencies and businesses to boost two-way trade between Nigeria and the UK.
“For anyone who wants to know more about the U.K.’s new trading scheme, please search on the Internet for the “Department for Business and Trade and the Growth Gateway” and a website with more information will pop up. If you then add Nigeria to the search, you’ll get a country-specific page and guidance links.”
