UK, Ukraine sign digital trade deal

UK, Ukraine sign digital trade deal

The United Kingdom today signed a pivotal digital trade deal with Ukraine that will support the country’s economy and greatly enhance trade and investment relationship.

This is said in a statement published on the website of the UK Government, Ukrinform reports.

It is noted that the Department for Business and Trade today hosted a number of Ukrainian ministers, as well as 200 UK and international businesses and officials.

The Department organized “The Road to Ukraine Recovery” conference aimed at supporting Ukraine’s National Recovery Plan and mobilising UK businesses to engage in future Ukraine reconstruction projects.

Read also: Shmyhal: USD 17B needed to finance reconstruction projects this year

“This event, and our mobilisation of UK industry, is a key stepping stone on our route to the Ukraine Recovery Conference that will be hosted in London in June,” the Department said.

According to British Business and Trade Secretary Kemi Badenoch, the historic digital trade deal signed today paves the way for a new era of modern trade between Ukraine and Britain.

“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,” she said.

Thus, 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.

“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,” said Ukrainian First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko.

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