23 C
Brunei
Thursday, September 29, 2022
23 C
Brunei
Thursday, September 29, 2022
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    Britain launches trade system for developing countries

    LONDON (CNA) – Britain has laun-ched a scheme to extend tariff cuts to hundreds of products, such as clothes and food, from developing countries, part of London’s post-Brexit efforts to set up systems to replace those run by the European Union.

    In June, Prime Minister Boris Johnson said he wanted to start a new trade system to reduce costs and simplify rules for 65 developing countries to replace the EU’s Generalised System of Preferences, which applies import duties at reduced rates.

    Trade Minister Anne-Marie Trevelyan said the Developing Countries Trading scheme (DCTS) would extend tariff cuts to hundreds more products exported from developing countries, a system, she said, that goes further than the EU scheme.

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