Dhaka Bureau Policy Times : Though Britain has left the European Union (EU) through Brexit, the UK’s Generalised Scheme of Preferences (GSP) will cover all the same countries including Bangladesh that are currently eligible for trade preferences under the EU’s GSP.
“Imports from 47 of the world’s least developed countries, including Bangladesh and Malawi, will not face any tariffs– supporting their economic development through business and trade,” according to Department for International Trade, Foreign, Commonwealth & Development Office.
Britain will allow businesses to trade with the UK as they do now without disruption, it said in a statement.
The UK government announces that removals and reductions of tariffs on goods from developing countries to continue after the end of the transition period.
The trade preference scheme will cover any eligible countries that do not have their existing trade agreements transitioned into a new agreement with the UK, it said.
The UK imported approximately £8 billion-worth of textiles and apparel products from eligible countries last year.
Besides, British importers will continue to pay zero or reduced tariffs on everyday goods such as clothing and vegetables from the world’s poorest countries now the UK has left the EU, the statement said quoting International Trade Secretary Liz Truss.
“We are making sure that the world’s poorest countries can continue to take advantage of the opportunities that free trade offers them by allowing them to export their products to the UK at preferential rates,” she said.
The scheme will also help British businesses to continue trading seamlessly after we leave the EU, as well as giving British consumers continued access to some of their favourite products at affordable prices.
UK Foreign Secretary Dominic Raab said Global Britain is a partner of choice for developing countries.
“(This) announcement demonstrates, we take a liberal approach to trade, recognising that many developing countries want to trade their way to greater prosperity,” he said.