Ukraine and the United Kingdom have legally enshrined the abolition of import duties and tariff quotas in bilateral trade by signing an agreement. It will be valid for 12 months, but may be extended by agreement between the parties for a new term.
Ukraine-Britain trade relations have a long and successful history. In 2021, the trade turnover between Ukraine and the United Kingdom increased by almost 57% and amounted to $ 2.2 billion. Moreover, exports intensified (+ 62%), reaching more than $ 1 billion.
Due to the abolition of import duties and tariff quotas in the Ukrainian business in the future will be able to increase exports of goods with high added value. These include flour, grain, dairy products, poultry and semi-finished products, tomato paste, honey, corn, wheat, juices, mushrooms, sugar and more. Ukraine traditionally exports these goods to Great Britain.
Thus, it will not only promote the development of Ukrainian production, but also increase foreign exchange earnings, strengthen Ukraine's economy.
It will be recalled that the European Union also recently announced its intention to abolish the collection of all import duties on Ukrainian goods.
