Brits could get cheaper goods under plans to boost trade with poorer countries
BRITS could get cheaper goods as the UK plans to give 70 poorer countries tariff discounts to trade their way to prosperity.
As Britain breaks free of EU rules, ministers Liz Truss and Dominic Raab will today reveal a scheme for giving incentives to developing nations to boost their UK trade.
The proposed plans for a Developing Countries Trading Scheme will help grow trade with other nations while slashing prices for customers in the UK.
The plans for low and middle- income countries would see tariffs cut and simpler rules for businesses.
Ministers have hailed Bangladesh and Vietnam for trading their way out of poverty and want other nations to do the same.
Vietnam’s UK exports more than tripled between 2009 and 2019, with Bangladesh exports doubling.
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The plan could mean lowering tariffs on products such as rice from Pakistan and trainers from Nigeria, although details are not yet clear.
International Trade Secretary Liz Truss said today: “Trade fundamentally empowers people and has done more than any single policy in history to lift millions of people around the world out of poverty.”
Foreign Secretary Dominic Raab added: “Cutting tariffs for poorer countries enables them to trade their way to genuine independence — and I’m proud we lead the world in offering that opportunity.”
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