UK unveils new Trade reforms to Boost Nigerian Exports and Economic Growth

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The United Kingdom has introduced a new set of trade reforms aimed at making it easier for Nigerian exporters and other African countries to access the UK market, boost exports, create jobs, and support economic growth across the continent. The reforms, announced on July 10 under the “Trade for Development” initiative, include simplified rules of origin that allow developing countries like Nigeria to source raw materials and inputs from across Africa while still enjoying tariff-free access to the UK.

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The reforms will also offer support for African exporters to meet UK standards, navigate customs procedures, and benefit from future trade agreements, especially in areas like digital, legal, and financial services. According to the UK Government, over £3.2 billion worth of goods were imported from African countries last year under its existing trade preferences.

“The world is changing. Countries in the Global South want a different relationship with the UK as a trading partner and investor, not as a donor. These new rules will make it easier for developing countries to trade more closely with the UK,” said Jenny Chapman, UK Minister for Development.

“No country has ever lifted itself out of poverty without trading with its neighbours. Trade has been key in lifting millions out of poverty worldwide,” noted Douglas Alexander, UK Minister for Trade Policy.

The updated scheme, called the Developing Countries Trade Scheme (DCTS), will cover 65 countries, offering reduced or zero tariffs on thousands of products. The reforms are expected to strengthen trade between the UK and African countries, while also enhancing intra-African trade in line with the objectives of the African Continental Free Trade Area (AfCFTA), which holds a $3.4 trillion market potential.

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