untitled design

Britain: Proposes new system for trade with developing countries

The British Prime Minister Boris Johnson will today emphasize the benefits of a free trade agreement between the Commonwealth countries, during a visit to Rwanda, as he proposes a new trade boost as an alternative to EU options.

A year and a half after Britain left the EU, Johnson sought to boost trade with the Commonwealth. It is a network of 54 countries, most of which are former British colonies.

The Commonwealth is led by Queen Elizabeth.

However, this formation of countries is not a formal trade bloc based on the implementation of a free trade agreement, as this network of countries includes about 1/3 of the world’s population and some of the fastest growing economies.

A day before the Commonwealth leaders’ summit in Kigali tomorrow, Johnson said he wanted to start a new trade system to reduce costs and simplify trade rules for the 65 developing countries. including several who are members of the Commonwealth.

The system will reduce tariffs on food, clothing and other items by about 750 million pounds (869.54 million euros) a year, the British prime minister will announce today. Also in the new system, Britain will replace the system applied by the EU for the preferential import of products from developing countries (GSP) with the imposition of low tariffs.

The new system will be known as the Trade Plan for Developing Countries.

“The new initiatives being launched today will ensure that Britain is at the forefront of seizing opportunities, guiding mutual development and prosperity for the good of all our peoples,” Johnson said.

Earlier in the year, Britain struck a. 120m (€ 139.13m) deal with Rwanda to deport asylum seekers to the East African country. However, the first flight was blocked last week by the European Court of Human Rights.


Source: Capital

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular