United Kingdom signs historic digital trade deal with Ukraine

The UK has signed a historic digital trade agreement with Ukraine, which will support the country's economy and significantly strengthen UK-Ukraine trade and investment relations.

Source: Statement on the UK Government website, reports European Pravda. 

Details: UK Business and Trade Secretary Kemi Badenoch said that the agreement signed today opens the way to a new era of modern trade between the UK and Ukraine.

Quote: "We are also extending tariff free trade on imports from Ukraine to early 2024, providing much needed support to Ukrainian businesses. These initiatives will help protect jobs, livelihoods and families now and in Ukraine’s post-war future," she said.

Thanks to the signed agreement, Ukraine will receive guaranteed access to financial services, which are crucial for the country's recovery, thanks to the simplification of cross-border data flows. Ukrainian businesses will also be able to trade with the UK more efficiently and cheaply with the help of electronic transactions, electronic signatures and electronic contracts.

On Monday, the UK Department of Business and Trade hosted a number of Ukrainian government officials, as well as 200 representatives from UK and international businesses and officials.

The agency organised the Road to Ukraine Recovery Conference, aimed at mobilising UK businesses to participate in future projects for the restoration of Ukraine.

"This event and our mobilisation of UK industry is a key step on the way to the Conference on Reconstruction of Ukraine, which will be held in London in June," the ministry added.

Earlier, the Ministry of Digital Transformation announced that Ukraine would become the second country in the world to sign an agreement on digital trade with the UK.

In April 2022, the United Kingdom cancelled all tariffs and restrictions on Ukrainian exports under the free trade agreement.

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