Latest news with #DevelopingCountriesTradingScheme
Business Insider
17 hours 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. (
The Star
23-04-2025
- Business
- The Star
Cambodia and Britain pledge to further enhance ties
West meeting Prak Sokhonn during their working lunch in Phnom Penh on April 22, 2025. - Photo courtesy of X PHNOM PENH: Cambodia and the United Kingdom on Tuesday (April 22) pledged to further boost bilateral ties and cooperation for mutual benefit. The pledge was made between Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn and Catherine West, parliamentary under-secretary at the Foreign, Commonwealth and Development Office, during their working lunch in Phnom Penh, the Cambodian Foreign Ministry said in a press release. Both sides highly appreciated the substantive and growing ties between Cambodia and the United Kingdom, the press release said, adding that they had discussions on promoting cooperation and partnership in trade, investment, tourism, education, development and demining. Sokhonn emphasised potential opportunities for further bilateral cooperation, underlining Cambodia's readiness to host the third bilateral consultations in Phnom Penh this year. On economic cooperation, Sokhonn expressed satisfaction with the rising trade volume which reached almost US$1 billion in 2024. "He expressed profound gratitude for including Cambodia as one of the beneficiaries under the Developing Countries Trading Scheme," the press release said. Sokhonn also briefed West on Cambodia's commitment and strengthened efforts to tackle cyber scams, including the establishment of a new national commission led by Prime Minister Hun Manet. "They discussed and agreed on deeper cooperation to combat this pressing transnational crime," the press release said. West expressed her admiration for Techo International Airport, designed by a British firm, and considered it a model of cooperation, according to the press release. - Xinhua
