On August 22, the Verkhovna Rada of Ukraine ratified the Political, Free Trade and Strategic Partnership Agreement between Ukraine and the United Kingdom of Great Britain and Northern Ireland. This will result in full trade liberalisation for the next 5 years, which will increase export potential for Ukrainian producers. This was announced by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.
“Today, the Verkhovna Rada has completed the internal procedures necessary for the Political, Free Trade and Strategic Partnership Agreement between Ukraine and the United Kingdom in terms of trade liberalisation to enter into force. Until 2029, all import duties and tariff quotas in bilateral trade will be removed. This will open up a new market for Ukrainian producers, strengthen Ukraine’s export potential, and contribute to the development of business and the national economy,” said Yuliia Svyrydenko.
The Agreement will be valid for a 5-year period until March 31, 2029, except for two commodity items – eggs and poultry products, the liberalisation of trade in which will be extended for 2 years – until April 1, 2026.
Continued liberalisation of trade in goods will help to revive trade between Ukraine and the UK and increase exports of domestic products that have traditionally been supplied to the UK market. In particular, these include flour, grain, dairy products, poultry 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 exports of high value-added goods in the future. (Government portal)