UK Seals Groundbreaking Digital Trade Deal with Ukraine
The UK today signed a game-changing digital trade agreement with Ukraine, set to boost the war-hit nation’s economy and supercharge trade and investment ties between the two countries.
Major Boost for Ukraine’s Economy
- Business and Trade Secretary Kemi Badenoch and Ukraine’s First Deputy Prime Minister Yulia Svyrydenko signed the new Digital Trade Agreement (DTA).
- The deal will make cross-border digital trade faster, cheaper, and smoother, helping Ukraine’s economy through the ongoing crisis.
- UK pledges to extend tariff-free access on all Ukrainian goods until March 2024, providing vital support for Ukrainian businesses.
The Department for Business and Trade hosted Ukrainian ministers and 200 UK and global businesses at Mansion House to kickstart closer cooperation and support Ukraine’s National Recovery Plan.
Road to Recovery: UK-Ukraine Collaboration Kicks Off
The Road to Ukraine Recovery Conference marked a key step, with UK businesses being mobilised to play a huge role in rebuilding Ukraine. The full Ukraine Recovery Conference is slated for London this June.
Badenoch hailed the digital deal as a “historic” move that paves the way for modern trade between the UK and Ukraine, underpinning jobs, livelihoods, and long-term post-war recovery.
Kemi Badenoch MP said: “The historic digital trade deal signed today paves the way for a new era of modern trade between our two countries. 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.”
Ukrainian Minister Celebrates Digital Deal’s Impact
Yulia Svyrydenko, Ukraine’s First Deputy PM, said: “This digital trade agreement shows Ukrainian IT firms are in demand worldwide despite war challenges. The UK-Ukraine Digital Trade Agreement enshrines core freedoms for digital goods and services. Ukraine believes an open and free digital economy framework is the best investment for the future.”
Since President Zelenskyy pushed for this first-ever digital trade pact, UK negotiators have worked at lightning speed alongside Ukrainian officials to deliver it.
UK’s Strong Support for Ukraine Continues
The UK has already pledged over £4 billion in military, humanitarian, and economic aid since Russia’s invasion began in February 2022. It also hosted the UK-Ukraine Infrastructure Summit and signed a key Memorandum of Understanding to lead reconstruction efforts in Kyiv Oblast.
Stuart Senior, Supervisory Board member at Gleeds, said: “Gleeds has long worked in Ukraine and we welcome this deal that strengthens UK-Ukraine ties. The DTA removes barriers to digital trade and speeds up reconstruction projects through better processes and standards, fast-tracking Ukraine’s economic recovery.”
In parallel, the UK continues to apply crushing sanctions on Russia, slashing UK imports from Russia by 99% and exports by 80%. These sanctions hit Putin’s war machine hard, making the UK a crucial partner for Ukraine’s fightback and future rebuild.
