Britain launches preferential trade scheme with developing countries

Record ID: 1730810

  • Title: Britain launches preferential trade scheme with developing countries
  • Date: 19th June 2023
  • Summary: ADDIS ABABA, ETHIOPIA (JUNE 19, 2023) (REUTERS) VARIOUS (TWO SHOTS) OF BOLE LEMI INDUSTRIAL PARK SHINTS GARMENT FACTORY VARIOUS OF EMPLOYEES WORKING ON GARMENTS INSIDE SHINTS GARMENT FACTORY PRESS CONFERENCE OFFICIALS LISTENING TO SPEECHES DURING LAUNCH OF PREFERENTIAL TRADING SCHEME (SOUNDBITE) (English) BRITISH MINISTER FOR INTERNATIONAL TRADE, NIGEL HUDDLESTON, SAYING:
  • Embargoed: 3rd July 2023 19:04
  • Keywords: brexit britain developing countries ethiopia eu trade
  • Location: ADDIS ABABA, ETHIOPIA
  • City: ADDIS ABABA, ETHIOPIA
  • Country: Ethiopia
  • Topics: Africa,Government/Politics,International Trade
  • Reuters ID: LVA001110319062023RP1
  • Aspect Ratio: 16:9
  • Story Text: Britain on Monday (June 19) began implementing a preferential trading scheme with 65 poor and developing countries to replace similar arrangements in place when the country was a member of the European Union.
    British Minister for International Trade Nigel Huddleston announced the launch of the Developing Countries Trading Scheme (DCTS) during a press conference in Ethiopia's capital Addis Ababa.
    The scheme removes or reduces tariffs and simplifies trading rules, the UK's Department of Trade and Business said in a statement.
    DCTS covers 65 countries with a population of 3.3 billion people, over half of whom are in Africa, the statement said, and added the scheme was "more generous" than similar arrangements the UK was formerly part of under its EU membership.
    Under the scheme, UK businesses will save over 770 million pounds ($984 million) annually through cut or removed tariffs on over 9 billion pounds ($11.5 billion) worth of imports like clothes, food and children's toys.
    Ethiopia hopes the scheme will allow it to exploit the UK market and revive its export sector which suffered a setback after the U.S. suspended the Horn of Africa country from its African Growth and Opportunity Act (AGOA) trade arrangement over alleged human rights abuses.
    (Kumerra Gemechu, Christophe Van Der Perre)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2023. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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