UK presents plan to stimulate trade with 70 developing economies اقتصاد

United kingdom A plan will be presented on Monday to stimulate trade with 70 developing economies, through tariff cuts and simplification rules, in a new attempt to promote greater freedom of trade after regaining control of their trade policy after “Brixi“.

The government will detail the commercial scheme for Developing countries in a reference document.

The plan depends on an existing program for European Union which the UK participated in before it left the bloc at the end of last year, and remained in force while the new initiative was being developed.

Trade Minister Liz Truss said: “Now that the UK is an independent trading nation, we have a huge opportunity to do things differently, and take a more liberal and pro-trade approach, which leads to growth and opportunity.”

The scheme seeks to further reduce bureaucratic trade barriers between the UK and developing countries, as well as countries classified as low or lower middle income, such as PakistanAnd the Nigeria e Indonesia.

Aside from lowering tariffs on goods entering the UK, the program seeks to simplify the “rules of origin” that define where a product is made through the cross-border supply chain, for tax purposes.

The United Kingdom said it considered similar programs in Canada, the United States, Japan and the European Union when designing its new scheme. The government is seeking input from companies and other relevant groups in the next eight weeks.

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