On September 1, the UK-Ukraine Digital Trade Agreement entered into force. Ukraine became the second country in the world after Singapore to sign such an agreement with the UK.
“The support from the UK is unprecedented. Ukraine has felt it since the first days of the full-scale war. The Digital Trade Agreement between our countries is another manifestation of solidarity and support. The implementation of this Agreement will deepen Ukraine’s participation in global supply chains, promote the development of small and medium-sized businesses, preserve free access of Ukrainian IT companies to UK digital markets and provide support to our economy during the war and post-war reconstruction,” said Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine.
The Digital Trade Agreement provides a legal basis for the further development of relations between Ukraine and the UK. Its implementation opens up a number of advantages for the countries, including:
– Reducing administrative costs of trade through digital solutions;
– Use of electronic signatures, contracts and invoices for international trade;
– Strengthening cybersecurity and data protection;
– Enshrining fundamental freedoms for trade in digital goods and services.
The key provisions of the Agreement cover the following areas:
– Open digital markets: no tariffs on electronic data transfers, support for small and medium-sized enterprises, cooperation on standards, and inclusiveness of the digital economy;
– Digital trade systems: enabling the use of electronic signatures, contracts and invoices for international trade, cooperation on mutual recognition of electronic trust services;
– Data: prohibiting unreasonable restrictions on cross-border data transfers, protecting personal data and improving access to public data;
– Consumer and business protection: guarantees of protection of rights in the digital space, prohibition of fraudulent practices, protection of cryptographic data;
– Financial services: promoting the free exchange of financial information and a level playing field for new financial service providers;
Technical cooperation: cooperation in the areas of advanced technologies, such as artificial intelligence, quantum technologies and cybersecurity. (Government portal)