Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024. Which stocks will surge next?Unlock AI-picked Stocks

UK proposes new trading system for developing countries

Published 06/22/2022, 06:49 PM
Updated 06/22/2022, 06:51 PM
© Reuters. British Prime Minister Boris Johnson speaks during a cabinet meeting in Downing Street in London, Britain, June 21, 2022. Carl Court/Pool via REUTERS

LONDON (Reuters) - British Prime Minister Boris Johnson will praise the benefits of free trade between Commonwealth countries on a visit to Rwanda on Thursday as he proposes a new system for boosting commerce as an alternative to that run by the European Union.

    A year and a half after Britain left the EU, Johnson is looking to boost trade with the Commonwealth, a network of 54 countries that are mostly former British colonies.

    The Commonwealth, headed by Queen Elizabeth, is not a formal trading bloc with a free-trade agreement. But the network includes about a third of the world's population and some of its fastest-growing economies.

    A day before the heads of Commonwealth governments meeting begins in Kigali on Friday, Johnson will say he wants to start a new trade system to reduce costs and simplify rules for 65 developing countries, including many in the Commonwealth.

This will reduce tariffs on foods, clothes and other items by 750 million pounds a year, he will say.

The new system would see Britain replace the European Union's Generalised System of Preferences, which applies import duties at reduced rates, with what will be known as the Developing Countries Trading Scheme.

    "It is an under-appreciated fact that our unique union of nations is buzzing with economic activity," Johnson will say.

"The new initiatives we are launching today will ensure the UK is at the forefront of seizing opportunities, driving shared growth and prosperity for the benefit of all of our people."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Earlier this year, Britain struck a 120 million pound ($148 million) deal with Rwanda to deport asylum seekers to the East African country but the first such flight was halted last week by the European Court of Human Rights.

The scheme has been widely criticised as inhumane. Prince Charles, the heir to the throne, who is representing his mother at the Commonwealth summit, privately described the plan as "appalling", according to newspaper reports.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.