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(1)The Secretary of State may by regulations establish a scheme (“a trade preference scheme”) under which the rate of import duty applicable to goods, or any description of goods, originating from an eligible developing country is lower than the applicable rate in the customs tariff in its standard form.
(2)A trade preference scheme may—
(a)apply to one or more eligible developing countries,
(b)provide for the application of the lower rates to be subject to the meeting of specified conditions, and
(c)make provision about the variation, suspension and withdrawal of the application of the lower rates.
(3)If a trade preference scheme is established under subsection (1), regulations under subsection (1)—
(a)must provide for a nil rate of import duty to be applicable to all goods originating from a least developed country, except arms and ammunition, and
(b)may make provision about the suspension and withdrawal of the application of the nil rate.
(4)In subsection (3)—
(a)“arms and ammunition” has the meaning specified in regulations made by the Secretary of State, and
(b)“suspension” and “withdrawal” may include the application of another rate that is lower than the applicable rate in the customs tariff in its standard form.
(5)The references in this section to the customs tariff in its standard form are to the tariff as it has effect without regard to any provision made under any of section 9, sections 11 to 15 or section 19(4).
(6)In Schedule 3—
(a)Part 1 defines “eligible developing country” and “least developed country” for the purposes of this section,
(b)Parts 2 and 3 contain lists for the purpose of those definitions, and
(c)Part 4 confers power to amend those lists.
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