On September 1, 2024, the Digital Trade Agreement between Ukraine and the United Kingdom of Great Britain and Northern Ireland came into effect. Ukraine is the second country in the world, after Singapore, with which the UK has signed such an agreement.
“UK support has been unprecedented. Ukraine has felt it since the early days of the full-scale war. The Digital Trade Agreement between our countries is yet another manifestation of solidarity and support. The implementation of this Agreement will deepen Ukraine’s participation in global supply chains, support the development of small and medium-sized businesses, preserve the free access of Ukrainian IT companies to the UK digital markets, and support our economy during the war and post-war recovery,” stated Ukraine's First Deputy Prime Minister and Minister of Economy, Yulia Svyrydenko.
The Digital Trade Agreement provides a legal foundation for the further development of relations between Ukraine and the UK. Its implementation offers several advantages, including:
- Reduction of administrative costs for trade through digital solutions.
- Use of electronic signatures, contracts, and invoices for international trade.
- Enhancement of cybersecurity and data protection.
- Establishment of fundamental freedoms for trading digital goods and services.
Key provisions of the Agreement cover:
- Open Digital Markets: Absence of tariffs on electronic data transfers, support for small and medium-sized enterprises, collaboration on standards, and inclusiveness of the digital economy.
- Digital Trade Systems: Use of electronic signatures, contracts, and invoices for international trade, and cooperation on mutual recognition of electronic trust services.
- Data: Prohibition of unjustified restrictions on cross-border data transfers, protection of personal data, and improved access to public data.
- Consumer and Business Protection: Guarantees for digital rights protection, prohibition of fraudulent practices, and protection of cryptographic data.
- Financial Services: Promotion of free exchange of financial information and level playing field for new financial service providers.
- Technical Cooperation: Collaboration in cutting-edge technologies such as artificial intelligence, quantum technologies, and cybersecurity.
The Digital Trade Agreement was signed online on March 20, 2023, by Yulia Svyrydenko, Ukraine's First Deputy Prime Minister and Minister of Economy, and Kemi Badenoch, President of the Trade Council and Minister for Women and Equality of the UK. This Agreement is an integral part of the Agreement on Political Cooperation, Free Trade, and Strategic Partnership between Ukraine and the UK, signed on October 8, 2020, in London.
