The UK signed a digital trade deal with Ukraine on 20th March 2023 as part of its measures to support the country’s economy and enhance trade and investment relationships. The zero-tariff trade deal, which was made with Ukraine last November, has been extended to last until March 2024.
Business and Trade Secretary Kemi Badenoch, along with Ukraine’s First Deputy Prime Minister and Minister of Economy, Yulia Svyrydenko, virtually signed a new Digital Trade Agreement (DTA) that will help Ukraine support its economy after the Russian invasion last year.
"The historic digital trade deal signed today paves the way for a new era of modern trade between our two countries," Badenoch said.
The Department for Business and Trade hosted a number of Ukrainian ministers, as well as 200 UK and international businesses and officials, at Mansion House to lay the foundation for closer future cooperation.
The digital trade deal will ensure that Ukraine has access to the financial services needed 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.
Since June 2022, UK negotiators worked with their Ukrainian counterparts to deliver a deal after President Zelenskyy highlighted the important role Ukraine’s first ever digitally focused trade agreement would play in bolstering his country’s economy.
According to Yulia Svyrydenko, “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.”
The UK’s total military, humanitarian, and economic support pledged since February 24th, 2022, now amounts to over £4 billion, and the support continues through economic sanctions. Since the invasion, UK goods imports from Russia have fallen by 99%, and goods exports to Russia have fallen by 80%.
Britain will host the Ukraine Recovery Conference in London from June 21-22, 2023, as a continuation of the series of annual conferences dedicated to Ukraine’s transformation. The first conference took place in 2017 under the title Ukraine Reform Conference. This year’s conference will focus on the mobilization of international and private sector support for the economic and social stabilization of Ukraine.
Edited by: Ashelyn Wagner
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