This week, the Government have launched a consultation on new trading rules which will help countries around the world out of poverty – and help British businesses and consumers at the same time.
The Developing Countries Trading Scheme (DCTS) is a major opportunity to grow free and fair trade with developing nations. The proposed scheme would apply to 70 qualifying countries currently and include improvements such as lower tariffs and simpler rules of origin requirements for countries exporting to the UK. The scheme will allow countries to diversify their exports and grow their economies, while households and businesses across Mid Sussex and Britain benefit from lower prices and more choice.
This proposed new UK scheme will mean more opportunity and less bureaucracy for developing countries, for example by simplifying rules of origin requirements for the least developed nations. It will also help lower costs for UK businesses, leading to lower prices for consumers across a range of everyday products, by reducing tariffs on imports from low income and lower middle-income countries.
My colleague, the International Trade Secretary, Liz Truss MP, said:
"Trade fundamentally empowers people and has done more than any single policy in history to lift millions of people around the world out of poverty.
"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."
The consultation runs for eight weeks and seeks the view of all sectors, so I hope business owners and constituents across Mid Sussex get involved and take part in this really important consultation!