Daily Management Review

Even Post Brexit, Britain To Retain ‘Duty-Free’ Market Access Status For Developing Countries


06/27/2017


The British government claims that stepping out of the E.U will enable the country to live up to its “commitments” towards the world.



Ever after quitting the E.U, “nearly 50 developing countries including Bangladesh, Sierra Leone and Haiti”, will have “duty-free” access to Britain’s markets for goods. According to the government, nearly forty eight countries would be privy to this “tariff-free exports” benefit to the U.K. on everything other than “arms and ammunition”.
 
Moreover, following its official exit from the E.U., Britain will “explore options to expand trade relations further”. In a statement, the “International Trade Secretary”, Liam Fox told:
“Our departure from the EU is an opportunity to step up to our commitments to the rest of the world, not step away from them”.
“Free and fair trade has been the greatest liberator of the world's poor, and today's announcement shows our commitment to helping developing countries grow their economies and reduce poverty through trade.”
 
Negotiations between the E.U. and Britain over Brexit concerning various “EU priorities”, like the potential “Brexit bill” and the future of “trade deals with the bloc”, have set in motion. Reuters further reported:
“According to the government, around 20 billion pounds a year of goods were shipped to Britain from these developing countries, accounting for around half of its clothing, a quarter of its coffee and other goods such as cocoa, bananas and roses”.
 
 
 
References:
www.reuters.com







Science & Technology

Scientists Discover Largest Ever Under Water Volcanic Eruption Near New Zealand

Bitcoin craze increased load on the power grid to the maximum

PC And Server Performance Slows Down Due To Security Patches For Chip Flaws, Says Microsoft

Cybersecurity Firm Claims Cryptocurrency Monero Might Be Getting Funneled To North Korea University

The Way We Travel Will Be Changed by The Colorless, Odorless Gas - Hydrogen

EU's Big Change In Data Protection Rules Makes Businesses To Get Ready For It

Artificial Intelligence Helps NASA Find An 8th Planet In Orbit Of A Distant Star

Australian Research Success Could Mean Shatterproof Cell Phones Could Soon Be A Realityv

Top ten hi-tech events of the year

Tesla Considering Designing And Developing AI Chips On Its Own To Support Its Auto-Pilot Project

World Politics

World & Politics

Failure Of Last Ditch Effort To Secure Funding Results In A Partial Shutdown Of US Government

About 700,000 U.S. Twitter Users Reacted To Kremlin-Linked Trolls, Says Twitter, To Inform Users Directly

2017 Was Second Warmest Year Since Records Were Kept And It Had No El Nino Effect

France and Germany want to reform the eurozone

Take and go away: new approach to refugees in Europe

Both The Korean Countries Will Come Together In Olympic Talks

Parties of Germany agreed on the migrants problem

Munich Re: Natural disasters caused record damage in 2017