On August 22, the Verkhovna Rada of Ukraine ratified the Agreement between Ukraine and the United Kingdom of Great Britain and Northern Ireland on Political Cooperation, Free Trade, and Strategic Partnership. This agreement will fully liberalize trade for the next five years, enhancing export potential for Ukrainian producers.
According to First Deputy Prime Minister of Ukraine and Minister of Economy Yulia Svyrydenko,
"Today, the Verkhovna Rada completed the internal procedures necessary for the Agreement on Political Cooperation, Free Trade, and Strategic Partnership between Ukraine and the UK to take effect regarding trade liberalization. By 2029, all import duties and tariff quotas in bilateral trade will be abolished. This will open new markets for Ukrainian producers, strengthen Ukraine's export potential, and foster business and economic development."
The agreement will be in effect for five years, until March 31, 2029, with the exception of two product categories—eggs and poultry products. The trade liberalization for these items will be extended by two years, until April 1, 2026.
The continued liberalization of trade will boost commerce between Ukraine and the UK, increasing the export of Ukrainian products traditionally supplied to the British market. These include flour, grains, dairy products, poultry meat and semi-finished products, tomato paste, honey, corn, wheat, juices, sugar, and more. Ukraine will also benefit from more flexible export logistics planning and potentially increase the export of high value-added goods.
Note: On February 8, 2024, Yulia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, and Gregory William Hands, Minister for Trade Policy of the UK Department for Business and Trade, signed Agreement No. 3 in the form of an exchange of letters amending the Agreement on Political Cooperation, Free Trade, and Strategic Partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland regarding trade liberalization commitments.
