The United Kingdom (UK) Government on Tuesday announced that removal and reduction of tariffs on goods from developing countries including Bangladesh will continue after the end of the transition period of Brexit.
Imports from 47 of the world's least developed countries, including Bangladesh and Malawi, will not face any tariffs – supporting their economic development through business and trade, said a press release from the UK government.
"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," UK International Trade Secretary Liz Truss said.
According to the release, low-income and lower-middle income countries will benefit from lower tariffs compared to the UK Global Tariff.
UK's Generalised Scheme of Preferences (GSP) will cover all the same countries that are currently eligible for trade preferences under the EU's GSP.
UK Foreign Secretary Dominic Raab said the UK government is taking a liberal approach to trade, recognising that many developing countries want to trade their way to greater prosperity.
The trade preference scheme will cover any eligible countries that do not have their existing trade agreements transitioned into a new agreement with the UK.