By Ebunoluwa Sessou & Abigail Aderibigbe

The United Kingdom has established a new trade measures to boosts Nigerian exports, create jobs support economic growth across the continent and broader strategy to deepen partnerships with Nigeria and support inclusive global trade.

In the same vein, African exporters and entrepreneurs are expected to benefit from the Trade for Development designed to simplify access to the UK market and strengthen economic ties between the UK and developing countries.

African exporters and entrepreneurs are set to benefit from a new package of UK trade reforms. Known as the Trade for Development, it is designed to simplify access to the UK market and strengthen economic ties between the UK and developing countries.

The scheme was launched in 2023, following the UK’s exit from the EU, the Developing Countries Trading Scheme (DCTS) is the UK’s flagship trade preference scheme, covering 65 countries and offering reduced or zero tariffs on thousands of products.

Speaking, the UK Minister for Development Jenny Chapman disclosed that, this development is expected to support trade not just with the UK, but between African countries, helping to unlock the African Continental Free Trade Area’s $3.4 trillion potential.

Adding that in 2024, over £3.2 billion worth of goods imported into the UK from African countries benefitted from preferences granted by the UK’s development trading arrangements. Noting that, part of the UK’s broader strategy is to deepen partnerships with Nigeria and support inclusive global trade.

“The UK is committed to growing services trade with developing countries, supporting digital trade and professional services.

“The announcement follows engagement with UK businesses and international partners, major importers and trade associations.

“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. This is good for their economies and for UK consumers and businesses.”

“Upgrades include simplified rules of origin, which will enable all Developing Countries Trade Scheme (DCTS) countries, including those further up the value chain, such as Nigeria, to source inputs on finished goods from across the African continent, while ensuring that goods can continue to enter the UK tariff-free.

In his contribution, the UK Minister for Trade Policy Douglas Alexander said, “No country has ever lifted itself out of poverty without trading with its neighbours. Over recent decades trade has been an essential ingredient in lifting hundreds of millions of people out of poverty around the globe.

“In addition to the Developing Countries Trade Scheme (DCTS) changes, the UK wil, providing targeted support to help African exporters meet UK standards and navigate customs procedures.

“Make it easier for partner countries to trade services such as digital, legal, and financial services by strengthening future trade agreements.

“The updated rules are part of the UK’s wider Trade for Development offer which aims to support economic growth in partner countries while helping UK businesses and consumer’s access high-quality, affordable goods.

“They also align with the UK’s new Trade Strategy, which prioritizes growth through global partnerships and future-facing markets”, he added.