Ukraine signed Free Trade Agreement with the UK.
On October 8, President of Ukraine Volodymyr Zelensky and the The UK Prime Minister Boris Johnson signed the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland.
The new Agreement will ensure further development of Ukraine's relations with the United Kingdom, including trade, after the end of the transitional period provided for in the Agreement on the withdrawal of the United Kingdom from the European Union.
“The signing of this Agreement guarantees Ukraine preferential access to the British market, which is an important component of the development of mutually beneficial relations between the countries. In particular, quotas for some goods will increase from 13 to 20%, which will stimulate Ukrainian exports. In addition, the conditions of access to the British and EU markets will be rapidly expanded, as its revision will take place in 2022, "- commented the Deputy Minister of Economic, Trade and Agriculture of Ukraine - Trade Representative of Ukraine Taras Kachka.
Thus, the Agreement provides for the level of liberalization of conditions of trade in goods and services between Ukraine and the United Kingdom at a level not lower than that provided for in the Association Agreement between Ukraine and the European Union. From the date of entry into force of the Agreement, 98% of the product range will be fully liberalized, and from 2023 another 2% will be liberalized for Ukraine.
The number of tariff quotas for Ukraine is 36 + 4 additional. Zero tariff quotas are set by the British side in addition to those provided under the Association Agreement between Ukraine and the EU.
At the same time, Ukraine receives a shorter period for revising the trade provisions of the Agreement (2 years after its entry into force) compared to the Association Agreement with the EU.
Source: MEDTA.
