UK and Ukraine sign digital trade agreement

This is stated on the British government's website.

The country also promises to continue the abolition of duties on imports from Ukraine.

The agreement was signed by the British Minister of Business and Trade, Kemi Badenoch, and the Ukrainian Minister of Economy and First Deputy Prime Minister, Yulia Svyrydenko. Earlier, in August 2022, the Ministry of Digital Transformation noted that Ukraine would become only the second country after Singapore with which the British would sign such an agreement.

Thanks to this agreement, Ukraine will have guaranteed access to financial services by simplifying cross-border data flows. At the same time, Ukrainian businesses will also be able to trade with the UK more efficiently and cheaply through electronic transactions, electronic signatures, and electronic contracts.

In addition, the agreement provides for cooperation in several areas, including the free exchange of data, strengthening consumer protection in the online space, exchange of financial information, use of artificial intelligence, etc.

According to Svyrydenko, the digital trade agreement proves that Ukrainian IT companies operating in Ukraine are in demand all over the world.

"The Digital Trade Agreement between Ukraine and the UK enshrines the basic freedoms of trade in digital goods and services. Ukraine believes that an open and free structure of the digital economy is the best investment in future-oriented development," she said.

Badenoch promised that the UK would extend duty-free trade for imports from Ukraine until early 2024.

"These initiatives will help protect jobs, livelihoods and families now and in Ukraine’s post-war future," the British minister said.