Ukraine and the UK extend duty-free trade for another 5 years
Kyiv • UNN
The Verkhovna Rada ratified the agreement on political cooperation and free trade with the UK. By 2029, all import duties and tariff quotas in bilateral trade are expected to be eliminated.
On Thursday, August 22, the Verkhovna Rada of Ukraine ratified the Agreement between Ukraine and the United Kingdom of Great Britain and Northern Ireland on political cooperation, free trade and strategic partnership. This was stated by the Ministry of Economy of Ukraine, UNN reports.
Details
Today, the Verkhovna Rada has completed the internal procedures necessary for the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom to enter into force in terms of trade liberalization. By 2029, all import duties and tariff quotas in bilateral trade are expected to be abolished
According to her, the agreement with the UK will open up a new market for domestic producers, strengthen Ukraine's export potential, and contribute to the development of business and the national economy.
It is noted that the agreement will be valid for 5 years - until March 31, 2029, with the exception of two commodity items - eggs and poultry products. Duty-free trade in these products has been extended for 2 years - until April 1, 2026.
AddendumAddendum
The Ministry of Economy expects that the new terms of trade will stimulate the exchange of goods between the two countries. Ukrainian producers will be able to increase exports of traditional products for the British market, such as flour, cereals, dairy products, poultry, tomato paste, honey, and various juices.
In addition, the agreement provides Ukraine with an opportunity to optimize export logistics and potentially increase the supply of high value-added products. This step is seen as a significant progress in strengthening economic ties between Ukraine and the UK.
Recall
Ukraine and Norway have agreed on visa-free freight transportation until June 30, 2025. The agreement applies to bilateral and transit transportation for trucks of Euro 5 and higher standard, subject to the availability of relevant documents.
