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Ukraine And UK Concluding Agreement On Digital Trade

Ukraine And UK Concluding Agreement On Digital Trade

Ukraine, Britain, UK, Digital Trade Agreement
HELP UKRAINIAN NEWS

Ukraine and the United Kingdom are concluding an agreement on digital trade.

This is stated in the message of the Ministry of Economy, Ukrainian News Agency reports.

According to the report, the First Vice Prime Minister - Minister of Economy Yuliya Svyrydenko and the Minister of International Trade of the United Kingdom Kemi Badenoch agreed to conclude the agreement on November 30, 2022.

The parties expect that the agreement will support Ukraine's economy in the face of a full-scale Russian invasion and lay the foundations for further successful post-war reconstruction.

"The Digital Trade Agreement between the United Kingdom and Ukraine establishes the foundations of free trade in digital goods and services between the two countries. We believe that an open and free structure of the digital economy is the best investment in development and the future. The agreement also demonstrates that Ukrainian IT companies, who work in Ukraine, are in demand all over the world, despite all the challenges of the war," Svyrydenko said.

Digital trade is particularly important in the current environment, where military action and infrastructure destruction make physical trade much more difficult, it said.

"Furthermore, there is a critical need for people to be able to use digital solutions for personal identification, even if they lose important documentation or to cross the border. So the Agreement also outlines a framework for the UK and Ukraine to work together on compatibility between the two countries' digital identification systems. The Agreement will cover all modern spheres of the economy and social life - digital trading systems, free exchange of data, consumer protection, open digital markets, financial services, technical cooperation," the statement reads.

In particular, the agreement provides for:

- non-application of duties (but freedom of taxation) in digital trade;

- maintenance of the general legislative framework for electronic transactions, conclusion of contracts electronically, electronic identification, paperless trade, protection of personal information, etc.

It is noted that currently more than two-thirds of British export services to Ukraine are already provided digitally.

At the same time, a single window for traders and government bodies will be created in the future, trade in services is expected to grow and proper protection of personal data will be introduced, and access to public resources of the two countries should also improve.

As Ukrainian News Agency earlier reported, in early May, Ukraine and the United Kingdom signed an agreement on the abolition of import duties and tariff quotas in bilateral trade.

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