New British trade rules will benefit Ethiopia

ADDIS ABABA, June 19 (Prensa Latina) The United Kingdom will simplify trade rules and reduce tariffs on products from developing countries starting today, a measure that will benefit trade relations with Ethiopia.

The British Minister for International Trade, Nigel Huddleston, had launched the plan during a visit to the Poly Lemmy industrial business park, the largest in the African country, and reminded that trade between the two parties is worth more than $1.72 million.

Huddleston specified that Addis Ababa pay no customs duties on one hundred percent of the goods exported to London. Under the new scheme, Ethiopia and 46 other countries will be able to produce goods using components from many other countries, increasing trade opportunities with the UK.

He emphasized that the new plan, which went into effect on Monday, will create opportunities for companies around the world, support livelihoods, create job opportunities, and diversify local and international supply chains.

He stressed that it would also benefit UK businesses and consumers by lowering import costs on a wide range of products.

On his part, Foreign Affairs, Commonwealth and Development Secretary for Africa Andrew Mitchell commented that Britain’s new trade blueprint for 65 developing countries shows how we can use trade to achieve development.

Mitchell highlighted the benefits for traders around the world, including the small and women-owned businesses we support through the UK Business Partnership programme.

Specialized Bicycle Components Inc Executive Vice President Robert Marjevicius confirmed that the new procedure allows us to maintain supply chains in countries like Cambodia and continue to integrate components from across the region, including Vietnam.

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Huddleston’s Ethiopia Agenda calls for meetings with Ethiopian businesses located here to discuss how they can benefit from the scheme and new ways they can work with local businesses and other governments to increase trade.

M / tiger

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