The UK today signed a pivotal digital trade deal with Ukraine that will support the country’s economy and greatly enhance our trade and investment relationship
Today, the Department for Business and Trade hosted a number of Ukrainian ministers. The event was also attended by 200 representatives of British and international business and several officials. The meeting laid the foundation for future cooperation between Ukraine and the UK at Mansion House.
The conference “The Road to Recovery of Ukraine” was opened by the UK Secretary of State for Business and Trade. Its main goal is to support the National Recovery Plan of Ukraine and mobilize British business. This event, and our mobilization of British industry, is a key stepping stone to the Ukraine Recovery Conference. This will be held in June in London.
This digital trade agreement illustrates that Ukrainian IT companies operating in Ukraine are in demand around the world despite all the challenges of war”, said, Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy for Ukraine.
Badenoch, alongside Ukraine’s First Deputy Prime Minister and Minister of Economy, Yulia Svyrydenko, virtually signed a ground-breaking new Digital Trade Agreement (DTA) or digital trade deal that will help Ukraine support its economy through the current crisis and lay foundations for its recovery and revival.
Business and Trade Secretary Kemi Badenoch MP said:
The historic digital trade deal signed today paves the way for a new era of modern trade between our two countries.
In the margins of the Road to URC event, the UK confirmed its intention to extend the removal of tariffs on Ukrainian products until March 2024. This follows the UK’s world-leading decision in May 2022 to cut tariffs on all goods from Ukraine to zero and will provide much-needed support to Ukrainian businesses given the impact of the war on Ukraine’s ability to export goods.
The UK also continues to support Ukraine through decisive sanctions against Russia. The UK and its allies have introduced the most severe economic sanctions ever imposed on a major economy, including £20 billion (96%) of UK-Russia goods trade from 2021.
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