UK extends duty-free trade with Ukraine for 5 years
UK has extended duty-free trade with Ukraine until 2029 (Getty Images)
The UK announced on Thursday that it will extend duty-free trade with Ukraine until 2029. At the same time, there are goods for which this period is set not for 5 years, but for two years, according to Reuters.
Thus, the UK Department for Business and Trade has announced that duty-free trade will be extended for all goods for five years, except for eggs and poultry, which will be extended for two years. At the same time, the department emphasizes that UK firms will also benefit from the abolition of duties on exports to Ukraine.
"This agreement provides much needed long-term economic support to Ukraine, its businesses and people – critical to its recovery," says Greg Hands, the junior Trade Minister.
He adds that the UK's support will continue "for as long as is needed."
The UK removed duties on all its trade with Ukraine after the start of Russia's invasion of Ukraine almost two years ago. Previously, it was agreed that the agreement would last until March 2024.
Duty-free trade between Ukraine and EU
On February 7, Prime Minister Denys Shmyhal welcomed the European Commission's decision to extend the complete elimination of duties on Ukrainian products until June 2025, which, together with the Association Agreement, will provide Ukraine with the so-called "economic visa-free regime." At the same time, Shmyhal said, Ukraine expected to enshrine the abolition of duties on goods in the association agreement with the EU.
At the end of January, RBC-Ukraine wrote that the European Commission officially proposed to extend the abolition of import duties for agricultural goods from Ukraine until 2024. However, restrictions on imports were proposed. They concerned four types of products from Ukraine, namely poultry, eggs, and sugar.
