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

China takes the lead in quantum cryptography

Gartner: Chinese smartphones lead sales

Bitcoin Mining Worsens Global Warming Effect

Europe overtakes US by number of patents for self-driving car technologies

Samsung introduces display technology for folding screens

How retailers use technologies to increase sales

Facebook releases videochat devices Portal and Portal Plus

Smartphone makers will pay for pre-installing Google apps‍

Five loudest data leaks

Airbus announces Moon exploration competition

World Politics

World & Politics

Hong Kong refuses tiny apartments

Tumblr, Facebook wage war against adult content

Arrest of Huawei’s top manager endangers US-China trade truce

Has Macron given up to Yellow Vests?

What to expect from G20 Buenos Aires summit?

China steps up space race with the US

Climate change will cost US $ 500 billion a year

China manages to stop growth of big cities population