Global Britain's new trade arrangement with 41% of the world's population

65 countries, 3.3bn people: UK households & businesses to benefit from lower prices, more choice

Montage © Facts4EU.Org

Independent trade policy is shaping up in post-Brexit Britain

Last week the International Trade Secretary, the Rt Hon Anne-Marie Trevelyan MP, launched the Developing Countries Trading Scheme (DCTS), providing tariff reductions and simpler terms of trade to 65 countries around the world. These countries are home to more than 3.3bn people – approximately 41% of the world’s population.

While the UK was a member of the European Union it was unable to set its own trade policy as this was decided by the EU Commission in Brussels. Now it is free to decide what is in the United Kingdom’s own interests.

"As an independent trading nation, we are taking back control of our trade policy and making decisions that back UK businesses, help with the cost of living, and support the economies of developing countries around the world.
"UK businesses can look forward to less red-tape and lower costs, incentivising firms to import goods from developing countries."
- International Trade Secretary, the Rt Hon Anne-Marie Trevelyan MP, 17 Aug 2022

Brexit Facts4EU.Org Summary

The new Developing Countries Trading Scheme

65 countries across the globe
Over 3.3bn people (41% of world population)
Tariff reductions
Simpler terms of trade
Less bureaucracy

[Source: Dept for International Trade / FCDO, 18 Aug 2022.]

Supporting developing countries, cutting costs

“The new scheme offers developing countries one of the most generous sets of trading preferences of any country in the world. The scheme demonstrates the UK’s commitment to building long term, mutually beneficial relationships with emerging economies that are home to more than 3.3 billion people.”
- The Rt Hon Anne-Marie Trevelyan MP, Wed 17 Aug 2022

Example: The Commonwealth country of Pakistan

Population: c. 200 million
Total trade (goods and services) between the UK and Pakistan : £2.9bn p.a.
The new DCTS will remove tariffs on over 156 additional products
In total, 94% of goods exported from Pakistan will be eligible for duty-free access to the UK
Pakistan will save £120m in tariffs on exports to the UK under the scheme

[Source: UK High Commission, Islamabad.]

UK’s Trade Director for Pakistan and British Deputy High Commissioner, Karachi, Sarah Mooney, said:

“A prosperous UK-Pakistan relationship matters.
“As we celebrate 75 years of our bilateral relations, we want to further cement our strong ties and double bilateral trade by 2025. The newly announced DCTS Scheme will be pivotal in achieving this.”

Some of the specific goods which benefit most from the DCTS in Pakistan include over £250m of average annual exports to the UK of bedlinen and almost £100 million of jeans which will each receive a 12 percent reduction in import duty.

Observations

Once again Brexit Britain has shown it does not need the European Union - and particularly its EU Commission - to do global deals.

The reason this new trade scheme did not make the headlines is because it is mostly about the UK’s imports, not exports. Given the cost of living crisis, however, anything which cuts the cost of goods in the shops is of relevance to many people.

The other reason it wasn’t headline news is because it’s about the UK’s relationships with developing countries, principally in Africa and Asia. For many of these emerging economies anything which facilitates trade is very helpful. This in turn helps to cement the the status of the newly-independent United Kingdom as a global player with influence.

Where are we with free trade agreements?

The new DCTS is in addition to the free trade agreements which have already been negotiated by the Dept for International Trade.

The Facts4EU.Org team plans to bring this issue up-to-date in a new report. Rejoiners will not like it, as our early research shows some impressive statistics, but the facts are what they are. Could you help to fund the completion of this research with a donation today?

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[ Sources: Dept for International Trade | FCDO | UN | UK High Commission Pakistan | EU Commission ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Tues 23 Aug 2022

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Reader Comments 4

1. Martin Dutton , Tuesday, August 23, 2022, 08:06:

Brilliant but why is nobody hearing this?

2. Tony Fisher , Tuesday, August 23, 2022, 11:11:

The media are biased only report negative things with an odd positive

3. terence patrick hewett , Tuesday, August 23, 2022, 14:33:

There is nothing that the EU produces; not a manufacture or an agrarian product - nothing, which cannot be sourced cheaper elsewhere. Open up our markets, and free trade will do the rest. Let the EU understand that Treasure Island is no more for them: let them earn a place in the UK market - or go to the wall.

4. jon livesey , Tuesday, August 23, 2022, 15:39:

If the effect of leaving the EU is to produce Free Trade agreements like this, then that shows that the EU was actually acting as an impediment to trade. Had we never been members of the EU we would have done agreements like this long ago. I wonder if the EU will now insist that the Single Market needs to be "protected" against Commonwealth goods imported into the UK?

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