The UK government will support Ukrainian businesses by extending duty-free trade with Ukraine for an additional five years, until 2029.
That’s according to a press release issued by the UK government, Ukrinform reports.
“This agreement provides much needed long-term economic support to Ukraine, its businesses and people – critical to its recovery from Putin’s illegal invasion. The UK will continue to do everything in its power to support Ukraine’s fight against Putin’s invasion, for as long as is needed,” UK Minister for Trade Policy Greg Hands said.
According to the press release, most UK-Ukraine trade will remain tariff-free until at least 2029, thanks to an extension agreed today to support Ukraine’s long-term economic recovery from the war.
The commitment forms part of the UK’s efforts to support Ukraine following Russia’s full-scale and illegal invasion, which has disrupted supply chains and transport routes and impacted Ukraine’s ability to export goods.
The UK was the first country to remove tariffs on all its trade with Ukraine two years ago. Today’s announcement to significantly extend this existing agreement sees the UK continue that leading role, giving Ukrainian businesses and exporters much needed economic support and certainty.
Hands will formally sign the agreement to extend the liberalization measures with Ukraine’s First Deputy Prime Minister and Minister for Economic Development and Trade Yuliia Svyrydenko in a virtual ceremony today.
In May 2022, the UK removed all tariffs under the UK-Ukraine Free Trade Agreement until March 2024. This precedent has been followed by similar initiatives from the EU and other partners.