Ukraine-UK Digital Trade Agreement

by Roman Cheplyk
Monday, March 20, 2023
Ukraine-UK Digital Trade Agreement

On March 20, an agreement to support the Ukrainian economy and strengthen investment relations between the states came into force

Today, The Road to Ukraine Recovery conference was held at Mansion House, which was attended by Ukrainian ministers and more than 200 British businessmen. The purpose of the conference is to improve economic relations between Ukraine and other countries, to lay the foundation for investment projects, and to attract British business to the National Recovery Plan of Ukraine.

Business and trade secretary Kemi Badenoch and Ukraine's economy minister Yulia Sviridenko signed the Digital Trade Agreement, which will become the basis for supporting Ukrainian business and economy and will help rebuild Ukraine after the war.

"The historic digital trade deal signed today paves the way for a new era of modern trade between our two countries," Kemi Badenoch. 

"We are also extending tariff free trade on imports from Ukraine to early 2024, providing much needed support to Ukrainian businesses."

DTA simplifies international flows, lowers trade prices by implementing digital signatures and contracts. The agreement is an investment in the future, as it prescribes the most important points of free trade in digital services and products. In this way, the parties will be able to quickly implement projects for the recovery of Ukraine and provide IT services.

"As international construction consultants, Gleeds has had a presence in Ukraine for many years. We welcome this new agreement which strengthens UK-Ukraine relationships and helps Ukraine’s increasing development as a modern, open economy," Stuart Senior, member of Gleeds the supervisory board.

During the Road to URC, the UK confirmed plans to extend zero duty on imports of Ukrainian goods for another year.

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