The UK has signed a new digital trade deal with Ukraine, enhancing UK-Ukraine trade and investment relationships and supporting the Ukrainian economy.
On Monday 20th March, Business and Trade Secretary Kemi Badenoch and Ukrainian Economy Minister, Yulia Svyrydenko virtually signed a ground-breaking new Digital Trade Agreement (DTA) that will help Ukraine support its economy through the current crisis and lay foundations for its recovery and revival.
The Department for Business and Trade also hosted a number of Ukrainian ministers, as well as 200 UK and international businesses and officials, at Mansion House to lay the foundation for closer future co-operation.
Under the new deal, Ukraine will have guaranteed access to the financial services crucial for reconstruction efforts through the deal’s facilitation of cross-border data flows. Ukrainian businesses will also be able to trade more efficiently and cheaply with the UK through electronic transactions, e-signatures, and e-contracts.
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.
“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.”
First Deputy Prime Minister and Minister of Economy for Ukraine, Yulia Svyrydenko said:
“This digital trade agreement illustrates that Ukrainian IT companies operating in Ukraine are in demand around the world despite all the challenges of war.
“The UA-UK Digital Trade Agreement has enshrined core freedoms for trade in digital goods and services. Ukraine believes that an open and free framework for the digital economy is the best investment in future oriented development.”
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