Ukraine and the United Kingdom have significant prospects in the liberalization of bilateral trade, expanding trade turnover and developing the investment component of cooperation between the countries.
This was announced by First Deputy Prime Minister – Minister of Economy of Ukraine Yulia Svyrydenko following a meeting with the Secretary of State for International Trade Anne-Marie Trevelyan.
“We expect that in early June, zero customs duties on exports of Ukrainian goods to the UK will take effect. This will allow Ukrainian exporters to ramp up exports. These include flour, grain, dairy products, poultry and semi-finished products, honey, corn and sugar. As a result, we will attract additional amounts of foreign exchange earnings to the country, which will have a positive impact on macro-financial stability in the country,” Yulia Svyrydenko said.
Officials also discussed the growth of trade between Ukraine and the United Kingdom. Last year it increased by 40%. In 2022, significant progress can be expected even despite the war.
Ukraine needs British investment to renew and restructure its economy on new principles using modern technologies.
“As of 2021, the UK’s direct investment in Ukraine has reached $3 billion. A significant part of the resource was directed to industry sector. In the near future, we need to restore and develop the investment component of our cooperation,” said the Minister of Economy of Ukraine.
Yulia Svyrydenko noted that during the meeting the parties had agreed to hold an investment conference in June, where Ukraine expects to receive unprecedented business support for development.