Forty-seven least developed countries including Bangladesh — in 2019, the UK imported approximately £8 billion-worth of textiles and apparel products from countries which are part of the EU GSP, which accounted for 30 per cent of all textile and apparel imports into the UK — will continue to enjoy preferential trade benefits after the UK’s departure from the EU, which is known as the BREXIT, comes into effect.
According to the Department for International Trade, Foreign, Commonwealth & Development Office, low-income and lower-middle income nations will benefit from lower tariffs compared to the UK Global Tariff, claimed media reports, which added that this was done to support their (the countries’) economic development through business and trade.
The Generalised Scheme of Preferences (GSP) of UK — UK left the EU on 31 January with a deal called the withdrawal agreement. The final changes that will affect many areas of life from trade to immigration will start on 1 January 2021, following the 11 month-transition period which will end on 31 December — will cover all the nations that are currently eligible for trade preferences under the EU’s GSP.
This will allow businesses to trade as they do now without disruption, maintained the British Government.
British importers will continue to pay zero or reduced tariffs on everyday goods such as clothing and vegetables from the world’s poorest countries now that the UK has left the EU, reportedly said International Trade Secretary Liz Truss.
We are making sure that the world’s poorest countries can continue to take advantage of the opportunities that free trade offers them by allowing them to export their products to the UK at preferential rates, maintained Liz further.