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Tuesday, December 5, 2023

UK signs digital trade deal to support Ukraine’s economy

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The UK has signed a pivotal digital trade deal with Ukraine that will support the country’s economy and enhance the UK-Ukraine trade and investment relationship. 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 co-operation.

Badenoch, alongside Ukraine’s First Deputy Prime Minister and minister of economy, Yulia Svyrydenko, virtually signed the new Digital Trade Agreement (DTA) that will help Ukraine support its economy through the current crisis and lay foundations for its recovery and revival, UK’s department for international trade said in a press release.

The UK and Ukraine have signed a DTA that will allow for cost-effective electronic transactions, e-signatures, and e-contracts between businesses in the two countries. The DTA is aimed at supporting Ukraine’s economy during the current crisis. UK has confirmed its intention to extend the removal of tariffs on Ukrainian products until March 2024.

Ukrainian businesses will 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 Svyrydenko.

Stuart Senior, member of the supervisory board, Gleeds said: “The DTA will remove barriers to digital trade and enable partnership initiatives and collaborative working to be delivered more effectively. It will also further enhance the acceleration of economic recovery through the faster delivery of critical infrastructure reconstruction projects by implementing better processes and standards.”

In the margins of the Road to Ukraine Recovery Conference, the UK confirmed its intention to extend the removal of tariffs on Ukrainian products until March 2024. This follows the UK’s decision in May 2022 to cut tariffs on all goods from Ukraine to zero and will provide support to Ukrainian businesses given the impact of the war on Ukraine’s ability to export goods.

Fibre2Fashion News Desk (NB)


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