The UK today introduced a new post-Brexit trading scheme for 65 developing countries around the world.
The scheme simplifies trading rules and slashes tariffs on products entering Britain from the nations.
It is expected to reduce import costs by £770million a year, according to the Department for Business and Trade, in a boost to businesses and consumers.
The Developing Countries Trading Scheme (DCTS) – which comes into force today – covers 65 countries that are home to over 3.3 billion people, with over half in Africa.
International Trade Minister Nigel Huddleston launched the scheme during a visit to Ethiopia’s largest industrial business park, Bole Lemi.
READ MORE: Badenoch hails ‘historic moment’ as UK’s first post-Brexit trade deals go live
Mr Huddleston said: “This scheme is a brilliant example of the UK taking advantage of its status as an independent trading nation and I am excited to see it implemented 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.”
The scheme will benefit developing countries looking to diversify and increase exports by driving their prosperity and reducing their need for aid.
It is more generous that the EU scheme the UK was previously a member of.
Foreign, Commonwealth and Development Office Minister for Africa, Andrew Mitchell, added: “The UK’s new trading scheme for 65 developing countries, DCTS, shows how we can use trade to deliver development.
“It will benefit traders around the world, including small and women-owned businesses which we are supporting through UK Trade Partnership programme.”
