UK devoted to maximising buying and selling scheme uptake – Envoy
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The British High Commissioner to Nigeria, Dr Richard Montgomery, has mentioned that the United Kingdom is keen to faucet the total potential of the Developing Countries Trading Scheme to spice up bilateral commerce.
A press release from the British High Commission, Abuja, on Monday quoted Montgomery as saying, “As an impartial buying and selling nation, the UK is among the foremost champions of free, truthful, and inclusive commerce. The UK’s Developing Countries Trading Scheme harnesses the facility of commerce to help Nigeria and different rising economies’ ambition to develop and can increase Nigeria’s non-oil exports.
“As the UK Government, we’re keen to maximise uptake of the DCTS. In this respect, I’m happy that the recently signed Enhanced Trade and Investment Partnership will help address underlying export challenges in more detail and thus improve exports and the economic and social well-being of both our nations.”
UK launched DCTS in June 2023 to advertise sustainable development in creating nations through the use of a extra beneficiant commerce preferences scheme than with different commerce companions.
He added, “We have an online facility called the Growth Gateway with a team ready to provide technical assistance and help partner agencies and businesses boost two-way trade between Nigeria and the UK.”
Under the scheme, all kinds of merchandise that aren’t extensively produced within the UK, together with meals objects, resembling cocoa, plantains, olive oil, tomatoes and different greens, yam, shrimp and prawns, cashew nuts, and many others., profit from decrease or zero tariffs.
The scheme sees tariff reductions on over 3,000 merchandise.
Meanwhile, in May, Montgomery disclosed that commerce relations between Nigeria and the United Kingdom had reached £7bn.
“Trading by both countries is relatively balanced because the UK exports about £4bn worth of goods and services to Nigeria while Nigeria exports to the UK about £3bn worth of goods,” he mentioned.
The newest commerce and funding factsheet from the UK authorities indicated that complete commerce in items and providers between the UK and Nigeria was £7.1bn in 2023, a rise of three per cent or £209m from the earlier 12 months.
“Of this £7.1bn, total UK exports to Nigeria amounted to £4.2bn, 5.4 per cent higher than 2022 and total UK imports from Nigeria amounted to £2.8bn, 0.3 per cent lower than the previous year,” the report indicated.
Nigeria was the UK’s thirty eighth largest buying and selling associate in 2023, accounting for 0.4 per cent of complete UK commerce.
