Yesterday the UK and Ukraine signed a digital trade agreement (DTA) to support Ukraine’s National Recovery Plan while “greatly enhancing the UK-Ukraine trade and investment relationship.”
UK businesses will be “mobilised to engage in future reconstruction projects in Ukraine,” the UK government stated.
The agreement was inked in the framework of the ‘Road to Ukraine Recovery Conference,’ which was hosted by the UK Department for Business and Trade. This event was reportedly attended by several members of the Ukrainian ministers and some 200 UK and international businesses and officials.
By facilitating cross-border data flows, the DTA will provide Ukraine with “guaranteed access to the financial services crucial for its reconstruction efforts.”
Electronic transactions, e-signatures, and e-contracts will allow Ukrainian businesses to trade more efficiently and cheaply with their UK counterparts.
“This digital trade agreement illustrates that Ukrainian IT companies operating in Ukraine are in demand around the world despite all the challenges of war,” stated Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy for Ukraine.
“The UA-UK Digital Trade Agreement has enshrined core freedoms for trade in digital goods and services. Ukraine believes that an open and free framework for the digital economy is the best investment in future oriented development,” she added.
In the margins of the conference, the UK government announced its commitment to “extend the removal of tariffs on all Ukrainian products until March 2024.
In late 2022, a Ukrainian trade mission presented the country’s tech sector at major international exhibitions in London. These events covered the fields of AI, Blockchain, finance, digital transformation, Big Data, cyber-security and IoT ecosystems.