The Government has launched a consultation on new trading rules today (19 July 2021) that will "help countries out of poverty - and help British businesses and consumers at the same time".

The proposed developing countries trading scheme would apply to 70 qualifying countries and enforce lower tariffs and simpler rules of origin requirements.

The Government said the scheme would allow foreign nations to diversify their exports and grow their economies, while British households and businesses would benefit from lower prices and more choice.

International trade secretary Liz Truss said:

"Now the UK is an independent trading nation we have a huge opportunity to do things differently, taking a more liberal, pro-trade approach that leads to growth and opportunity.

"Countries like Bangladesh and Vietnam have proven it's possible to trade your way to better living standards, and our new developing countries trading scheme will help others do the same."

The consultation will run for eight weeks and seeks the view of all sectors of society, including businesses, civil society groups and consumers.

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