Ukraine and UK extend duty-free trade for 5 years
Photo: Yulia Svyrydenko, Minister of Economy of Ukraine (Vitalii Nosach, RBC-Ukraine)
The Verkhovna Rada ratified an agreement with the UK on political cooperation, free trade, and strategic partnership. The agreement provides for the continuation of duty-free trade between the countries until 2029, the Ministry of Economy of Ukraine reports.
"Today, the Verkhovna Rada has completed the internal procedures necessary for the entry into force of the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom in terms of trade liberalization. By 2029, all import duties and tariff quotas in bilateral trade will be canceled," says Yulia Svyrydenko, First Vice Prime Minister and Minister of Economy of Ukraine.
According to her, this will open up a new market for Ukrainian producers, strengthen Ukraine's export potential, and contribute to the development of business and the national economy.
According to the Ministry of Economy of Ukraine, the agreement will be valid until 31 March 2029. However, this does not apply to all products - duty-free trade in eggs and poultry products will be extended for 2 years, until April 1, 2026.
Thus, Ukraine will be able to increase exports to the UK of goods that have traditionally been supplied to the British market. We are talking about flour, grain, dairy products, poultry and semi-finished products, tomato paste, honey, corn, wheat, juices, sugar, and more.
Background
The UK announced the extension of duty-free trade with Ukraine for 5 years back on February 8 this year.
The UK Department of Business and Trade stressed that this decision would provide the necessary long-term support for Ukraine's economy.
