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It has been estimated the scheme will allow UK firms to benefit from more than £750m a year of reduced import costs, allowing an easing on the burden for consumers amid the cost of living.
“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”, said Secretary of State for International Trade Anne-Marie Trevelyan.
“UK businesses can look forward to less red-tape and lower costs, incentivising firms to import goods from developing countries.”
The initiative is also set to remove seasonal tariffs on goods such as cucumbers, which can’t be grown in the UK during the winter, and simplifies trade laws such ‘rules of origin.’
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