Ratification by the Verkhovna Rada of the agreement with Great Britain on the duty-free trade regime and strategic partnership will lead to trade liberalization in the next five years and will strengthen Ukraine’s export potential, stated First Deputy Prime Minister – Minister of Economy of Ukraine Yulia Svyridenko.
“The Verkhovna Rada completed the internal procedures that were necessary for the entry into force of the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and Great Britain in terms of trade liberalization. By 2029, it is planned to abolish all import duties, as well as tariff quotas in bilateral trade. This will open up a new sales market for Ukrainian manufacturers, strengthen Ukraine’s export potential, and contribute to the development of business and the national economy,” the press service of the Ministry of Economy quoted her as saying.
The department clarified that they expect a revival of trade between Ukraine and Great Britain and an increase in exports of their own products, which are traditionally supplied to the British market, by domestic manufacturers. In particular, we are talking about flour, grain, dairy products, poultry meat and semi-finished products, tomato paste, honey, corn, wheat, juices, sugar, etc. Ukraine will also have the opportunity to plan export logistics more flexibly and increase the export of goods with high added value in the future.
As reported, the Verkhovna Rada on August 22 ratified the agreement between Ukraine and the United Kingdom of Great Britain and Northern Ireland on political cooperation, free trade and strategic partnership.
The agreement will be valid for a 5-year period until March 31, 2029, with the exception of two product items – eggs and poultry meat products, the liberalization of trade with which will be extended for 2 years – until April 1, 2026.
