On August 22, the Verkhovna Rada of Ukraine ratified the Agreement between Ukraine and the United Kingdom of Great Britain and Northern Ireland on political cooperation, free trade and strategic partnership.
Points of attention
- The ratification of the agreement between Ukraine and Great Britain extends duty-free trade and abolishes import duties and tariff quotas until 2029, stimulating the exchange of goods between the two countries.
- This agreement paves the way for Ukrainian manufacturers to access the British market more easily, promoting economic ties and strengthening export potential.
- The extension of duty-free trade signals significant progress in economic relations between Ukraine and Great Britain, providing opportunities to optimize export logistics and increase the supply of high-value products.
Ukraine and Great Britain ratified the free trade agreement
This was reported by the press service of the Ministry of Economy.
Today, the Verkhovna Rada completed the internal procedures that were necessary for the Agreement on political cooperation, free trade and strategic partnership between Ukraine and Great Britain in terms of trade liberalization to enter into force. By 2029, it is planned to abolish all import duties, as well as tariff quotas in bilateral trade.
Yulia Svyridenko
The First Deputy Prime Minister is the Minister of Economy of Ukraine
According to her, the agreement with Britain will open up a new sales market for domestic manufacturers, strengthen Ukraine's export potential, and contribute to the development of business and the national economy.
It is noted that the agreement will be valid for 5 years — until March 31, 2029, with the exception of two product items — eggs and poultry meat products. Duty-free trade in these products has been extended for 2 years — until April 1, 2026.
The new terms of trade are expected to stimulate the exchange of goods between the two countries. Ukrainian manufacturers will be able to increase the export of goods traditional for the British market, such as flour, cereals, dairy products, poultry meat, tomato paste, honey and various juices.
In addition, the agreement provides Ukraine with the opportunity to optimize export logistics and potentially increase the supply of products with high added value. This step is seen as significant progress in strengthening economic ties between Ukraine and Great Britain.
The agreement in the form of an exchange of letters amending the Agreement on political cooperation, free trade and strategic partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland in terms of obligations regarding trade liberalization was signed on February 8, 2024.
What does the ratification of the agreement on the free trade zone between Ukraine and Turkey mean
It is noted that the countries signed the agreement on February 3, 2022, on the eve of the large-scale invasion of the criminal army of the Russian Federation into Ukraine. And it was ratified in August 2024.
It is emphasized that in 2023 the volume of bilateral trade between Ukraine and Turkey amounted to 7.3 billion dollars.
According to the Minister of Trade of Turkey, Omer Bolat, during the meeting with the First Deputy Prime Minister of Ukraine Yulia Svyridenko on August 1, thanks to the ratification of the agreement on the free trade zone between the countries, the volume of trade will increase to 10 billion dollars.
The Turkish minister emphasized that his country will continue to expand cooperation with Ukraine and increase mutual trade and investments based on common interests.
Turkish companies will take an active part in the implementation of the Turkish-Ukrainian working group on the restoration of Ukraine, which we jointly signed in Istanbul in January of this year, Bolat emphasized.
