The UK has signed what the Government has described as an historic digital trade deal with embattled Ukraine.
The agreement, which aims to support the country’s recovery from the war with Russia through trade, was officially signed this month.
It is designed for Ukraine to remove trade barriers and tariffs to support the country’s war recovery.
The agreement, first agreed in principle last November, will give Ukraine guaranteed access to the financial services crucial for reconstruction efforts, through the deal’s facilitation of cross-border data flows.
It will allow Ukrainian businesses to be able to trade more efficiently and cheaply with the UK through electronic transactions, e-signatures, and e-contracts.
Cross-border data flows
The signing took place at Mansion House today at the ‘Road to Ukraine Recovery Conference,’ at which the Department for Business and Trade hosted several Ukrainian ministers, alongside 200 businesses and officials from the UK and abroad.
Business and trade secretary Kemi Badenoch said the deal is historic and opens a new era of modern trade between the countries.
Driving prosperity
The director general of the Institute of Export & International Trade (IOE&IT), Marco Forgione, said: “The UK is taking a lead in this regard, putting digital trade at the heart of its efforts to support Ukraine’s recovery.
“Digitalisation allows governments to remove unnecessary barriers to trade, encouraging more efficient and profitable trade.
“We also support the extension of the removal of tariffs on imports of Ukrainian goods to early 2024. It is clear the UK is pulling out all the stops to strengthen trade ties with Ukraine at this critical moment in the country’s history.”
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