Ukraine and the United Kingdom have signed an agreement on the abolition of import duties and tariff quotas in bilateral trade.
This is stated in the message of the Ministry of Economy, Ukrainian News Agency reports.
"Ukraine and the United Kingdom have legally secured the abolition of import duties and tariff quotas in bilateral trade by signing an agreement. It will be valid for 12 months, but can be extended by agreement between the parties for a new period. Trade relations between Ukraine and the United Kingdom have a long and successful history. In 2021, trade between Ukraine and the United Kingdom grew by almost 57% and amounted to USD 2.2 billion. Moreover, exports (+62%) have especially intensified, reaching a volume of more than USD 1 billion," it says.
It is indicated that thanks to the abolition of import duties and tariff quotas, Ukrainian business in the future will be able to increase the export of goods with high added value.
It concerns primarily flour, grain, dairy products, poultry meat and semi-finished products, tomato paste, honey, corn, wheat, juices, mushrooms, sugar, etc.
"It is these goods that Ukraine traditionally exports to the UK. Thus, this will not only contribute to the development of Ukrainian production, but also increase the receipt of foreign exchange earnings, strengthen the economy of Ukraine," the message says.
As Ukrainian News Agency earlier reported, the European Commission proposes to suspend for a year all import duties on all Ukrainian exports to the European Union.
On April 26, the United Kingdom announced the liberalization of trade and the abolition of all duties and quotas for the export of goods from Ukraine.
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