BREXIT MEANS BETTER TRADE
Summary:
In 2023 the UK Government introduced its new Developing Countries Trading Scheme (DCTS) to provide aid through trade with 65 developing nations. This would not have been possible inside the EU as member states cannot have their own tariff rates.
Explanation:
In April 2023 the UK government brought into effect itstheir new Developing Countries Trading Scheme (DCTS), with a view to replacing and building upon similar schemes within the EU (GSP+ and EBA).
As stated within the overview of the scheme on the government portal, the DCTS “offers developing countries one of the most generous sets of trading preferences of any country in the world for developing countries to strengthen exports to the UK and expand their economies”.
Being separate to the EU schemes not only allows the scheme to be better tailored to how the UK wishes to help these developing nations, but also allows for the list of recipient countries to be adjusted –- and the UK to determine the criteria by which a nation can be eligible to be placed onto the list.
None of these differentiations would be possible, if the UK was still a member of the EU.
Reference: https://gov.uk/government/collections/trading-with-developing-nations