UK’s post-Brexit trading scheme for developing countries enters into force

LONDON

The UK's new post-Brexit trading scheme for developing countries entered into force on Monday, which includes cuts in tariffs on products entering the UK from 65 developing countries.

The scheme aims to “simplify trading rules,” a government statement said, adding: "The scheme saves UK businesses over £770 million ($985 million) per year by removing or cutting tariffs on over £9 billion of imports."

British International Trade Minister Nigel 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," he added.

The plan covers 37 countries in Africa, 26 in Asia and the Middle East, and two in the Americas.

Over the past three years, the UK has imported £22.8 billion worth of goods from these countries.