Latest news with #DCTS
Business Insider
a day ago
- Business
- Business Insider
UK backs Nigerian trade goals with 99% duty-free export access
The United Kingdom has reaffirmed that 99% of goods exported from Nigeria will continue to enjoy duty-free access under its Developing Countries Trading Scheme (DCTS), a move seen as vital for Nigeria's non-oil export ambitions and bilateral trade growth. The UK confirmed 99% of Nigerian exports will remain duty-free under the Developing Countries Trading Scheme (DCTS). This scheme benefits Nigerian non-oil products, particularly in agriculture and raw materials, for UK's market access. Nigerian government aligns this opportunity with its Zero-Oil Plan to diversify economic exports and improve infrastructure. The confirmation was made during a courtesy visit by the British High Commissioner to Nigeria, Dr Richard Montgomery, to Nigeria's Minister of Industry, Trade and Investment, Jumoke Oduwole in Abuja. According to both parties, the DCTS remains a crucial pillar of trade relations between the two countries. The scheme, which came into force in June 2023, replaced the UK's Generalized System of Preferences. It aims to boost trade with 65 developing countries by simplifying trading rules and reducing import duties on a wide range of products. Under this arrangement, Nigerian exports especially agricultural products and raw materials will continue to access the UK market without tariffs, provided they meet the origin requirements and other scheme conditions. New trade deal supports Nigeria's efforts to grow non-oil exports Montgomery emphasized that the UK is committed to helping Nigeria fully benefit from the DCTS. He noted that while duty-free access is in place, more needs to be done to support Nigerian exporters in meeting UK market standards, including product quality, packaging, and regulatory compliance. He added that the British High Commission is actively engaging with Nigerian businesses and trade associations to create more awareness and provide technical assistance where needed. On her part, Minister Jumoke Oduwole described the UK's continued support as timely, particularly as Nigeria intensifies efforts to diversify its economy away from crude oil dependence. She reiterated that the DCTS aligns with Nigeria's national goals under the Zero-Oil Plan, which seeks to increase earnings from agriculture, manufacturing, and creative exports. She also revealed that the Federal Government is working closely with stakeholders to scale up export readiness across multiple sectors, including the removal of logistics barriers, improving port infrastructure, and ensuring that exporters are educated on documentation and compliance. With the UK standing as one of Nigeria's top trading partners, the decision to uphold duty-free treatment under the DCTS reinforces Britain's post-Brexit trade approach while providing Nigerian exporters with a stable and preferential gateway into a high-value international market.
Zawya
05-05-2025
- Business
- Zawya
Jordan, Britain talk economic cooperation
AMMAN — Minister of Industry, Trade and Supply Yarub Qudah on Saturday discussed with British Trade Envoy to Jordan, Kuwait and Palestine Lord Iain McNicol ways to enhance economic and trade cooperation within the framework of the bilateral partnership agreement signed in 2021. The two sides, in presence of British Ambassador to Jordan Philip Hall, went over progress in implementing the agreement, in terms of streamlining rules of origin and developing the government structure to monitor its provisions by launching a partnership council and its technical committees, the Jordan News Agency, Petra, reported. Qudah noted the need to address challenges related to the "complexities" of the rules of origin and the "high" costs of compliance and export, compared with the facilitations granted by the UK to competing countries under the Developing Countries Trading Scheme (DCTS) programme. Qudah called for reviewing the current terms of the "simplified" rules of origin decision to ensure Jordanian products have "preferential" access to British markets. For his part, McNicol stressed his country's "keenness" to expand economic cooperation with Jordan, underlining his country's support for developing the Kingdom's investment environment and enhancing trade exchange through sustainable initiatives, including support for small and medium-sized enterprises and stimulating British investment in Jordan's "vital" productive sectors. On future action, both sides agreed on the "importance" of accelerating the pace of work to organise the upcoming Jordanian-British Business Forum. The ministry said that the event would serve as a platform to boost partnerships in the two countries' private sectors and explore "new" cooperation opportunities, Petra added. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
03-05-2025
- Business
- Jordan Times
Jordan, Britain talk economic cooperation
Minister of Industry, Trade and Supply Yarub Qudah on Saturday discusses with the British Trade Envoy to Jordan, Kuwait and Palestine, Lord Iain McNicol ways to enhance joint economic and trade cooperation (Petra photo) AMMAN — Minister of Industry, Trade and Supply Yarub Qudah on Saturday discussed with British Trade Envoy to Jordan, Kuwait and Palestine Lord Iain McNicol ways to enhance economic and trade cooperation within the framework of the bilateral partnership agreement signed in 2021. The two sides, in presence of British Ambassador to Jordan Philip Hall, went over progress in implementing the agreement, in terms of streamlining rules of origin and developing the government structure to monitor its provisions by launching a partnership council and its technical committees, the Jordan News Agency, Petra, reported. Qudah noted the need to address challenges related to the "complexities" of the rules of origin and the "high" costs of compliance and export, compared with the facilitations granted by the UK to competing countries under the Developing Countries Trading Scheme (DCTS) programme. Qudah called for reviewing the current terms of the "simplified" rules of origin decision to ensure Jordanian products have "preferential" access to British markets. For his part, McNicol stressed his country's "keenness" to expand economic cooperation with Jordan, underlining his country's support for developing the Kingdom's investment environment and enhancing trade exchange through sustainable initiatives, including support for small and medium-sized enterprises and stimulating British investment in Jordan's "vital" productive sectors. On future action, both sides agreed on the "importance" of accelerating the pace of work to organise the upcoming Jordanian-British Business Forum. The ministry said that the event would serve as a platform to boost partnerships in the two countries' private sectors and explore "new" cooperation opportunities, Petra added. Page 2
Ammon
03-05-2025
- Business
- Ammon
Jordan, Britain discuss ways to enhance joint economic cooperation
Ammon News - Minister of Industry, Trade, and Supply, Yarub Qudah, discussed with the British Trade Envoy to Jordan, Kuwait, and Palestine, Lord Iain McNicol, ways to enhance joint economic and trade cooperation within the framework of the bilateral partnership agreement signed in to a ministry statement on Saturday, the two sides, in presence of British Ambassador to Jordan, Philip Hall, went over progress in implementing the agreement, in terms of streamlining rules of origin and developing the government structure to monitor its provisions by launching Partnership Council and its technical noted the need to address challenges related to the complexities of the rules of origin and the high costs of compliance and export, compared to the facilitations granted by the United Kingdom to competing countries under the Developing Countries Trading Scheme (DCTS) called for reviewing the current terms of the simplified rules of origin decision to ensure Jordanian products have "preferential" access to British his part, McNicol affirmed his country's "keenness" to expand economic cooperation with Jordan, underlining his country's support for developing the Kingdom's investment environment and enhancing trade exchange through sustainable initiatives, including support for small and medium-sized enterprises and stimulating British investment in Jordan's "vital" productive future action, both sides agreed on the importance of accelerating the pace of work to organize the upcoming Jordanian-British Business statement said the event would serve as a platform to strengthen bilateral partnerships in the two countries' private sectors and explore "new" cooperation opportunities. Petra
