Ukraine and Great Britain extend Agreement on abolition of import duties and tariff quotas for another 5 years

On February 8, Ukraine and Great Britain extended the Agreement on the abolition of all import duties and tariff quotas in bilateral trade for five more years until March 31, 2029.

This follows from a statement by the Ministry of Economy, the Ukrainian News agency reports.

According to the announcement, the Agreement will be valid for a five-year period until March 31, 2029 (with the exception of eggs and poultry meat products, the liberalization of trade with which will be extended for two years - until April 1, 2026) and can be extended by Agreement between parties for a new term.

It is noted that the continuation of the liberalization of trade in goods will contribute to the revitalization of trade between Ukraine and Great Britain and to the increase by domestic manufacturers of the export of their own products, which were traditionally supplied to the British market.

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, in the future, to increase the export of goods with high-added value.

The Agreement will enter into force after all domestic procedures have been completed.

"An important milestone in the trade relations between our countries was the conclusion in 2022 of the Agreement on the complete liberalization of trade. With the implementation of this Agreement, bilateral trade in goods between Ukraine and Great Britain exceeded USD 1.4 billion, which is 20% more than in 2022. Today, we concluded a new Agreement, which will extend the full liberalization of trade for another five years and significantly activate our trade partnership. This will strengthen the export potential of Ukraine and contribute to the development of business and the national economy," said First Deputy Prime Minister / Minister of Economy, Yuliya Svyrydenko.

As the Ukrainian News agency earlier reported, in May 2022, Ukraine and Great Britain signed an agreement on the abolition of import duties and tariff quotas in bilateral trade.