Britain sets out plan to stimulate trade with developing economies

Government's latest push to promote free global commerce after Brexit

FILE PHOTO: Britain's Secretary of State of International Trade and Minister for Women and Equalities Liz Truss is seen outside Downing Street, as the spread of the coronavirus disease (COVID-19) continues, in London, Britain March 17, 2020. REUTERS/Henry Nicholls/File Photo

Britain will detail a plan on Monday to stimulate trade with 70 developing economies by lowering tariffs and simplifying rules, in its latest push to promote freer global commerce after leaving the EU.

The government will detail the Developing Countries Trading Scheme in a consultation document.

It builds on an existing EU scheme of which Britain was part before leaving the bloc at the end of last year.

It has kept the scheme in place while working on its new programme.

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

The scheme seeks to further reduce the bureaucratic burden of trade between Britain and developing countries, and some classed as low or lower-middle income such as Pakistan, Nigeria and Indonesia.

As well as reducing tariffs for goods coming into Britain, the scheme aims to simplify the "rules of origin" that determine where a product with a cross-border supply chain is made for taxation purposes.

Britain said it had studied similar schemes in Canada, the US, Japan and the EU when drawing up its new programme.

The government is seeking views on the plan from businesses and other stakeholders over the next eight weeks.

Updated: July 18th 2021, 10:35 PM