Ukraine’s free trade agreements with UK and Israel to take effect on New Year's Eve

"On New Year's Eve, two free trade agreements – with the United Kingdom and Israel – will take effect," Deputy Minister of Economic Development, Trade and Agriculture of Ukraine - Trade Representative of Ukraine Taras Kachka posted on Facebook.

As reported, on 8 October 2020, President of Ukraine Volodymyr Zelensky and Prime Minister of the United Kingdom Boris Johnson signed the Agreement on Political Cooperation, Free Trade and Strategic Partnership between the two countries.

Taras Kachka reported that the Government of Ukraine is implementing a set of procedures necessary for the ratification of the UK-Ukraine Agreement on Political Cooperation, Free Trade and Strategic Partnership and for the full launch of the free trade area between the two countries from 1 January 2021. According to him, this agreement will help improve the balance and structure of bilateral trade and open new opportunities for the development of the UK-Ukraine partnership. Thus, for 9 months of 2020, the trade turnover between the countries exceeded $1 billion, of which $452.1 million accounted for the export of Ukrainian goods.

The Verkhovna Rada of Ukraine ratified the Ukraine-Israel Free Trade Agreement in July 2019. In August 2019, President of Ukraine Volodymyr Zelensky signed a law ratifying the FTA with Israel.

The agreement stipulates that Israel will abolish about 80% of import duties on Ukrainian manufactured goods and more than 9% on agricultural goods. Ukraine, in turn, abolishes about 70% of import duties on Israeli industrial products and more than 6% on agricultural products.

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