UK-Ukraine Digital Trade Agreement Signed
On 20 March, the UK and Ukraine signed a crucial Digital Trade Agreement. The deal will make trade easier and increase tech and regulatory cooperation among the two countries.
Secretary of State for Business and Trade Kemi Badenoch MP, alongside Ukraine’s First Deputy Prime Minister and Minister Economy of, Yulia Svyrydenko, signed the new Digital Trade Agreement (DTA) that will help Ukraine support its economy through the current crisis and lay the foundations for its recovery and revival.
Since initiating talks in June 2022, the DTA promised to ensure Ukraine’s guaranteed access to the financial services crucial for reconstruction efforts through the deal’s facilitation of cross-border data flows. The deal also develops Ukrainian businesses to trade more efficiently and cheaply with the UK through electronic transactions, e-signatures, and e-contracts.
Business and Trade Secretary Kemi Badenoch MP said:
“The historic digital trade deal signed today paves the way for a new era of modern trade between our two countries.
“We are also extending tariff free trade on imports from Ukraine to early 2024, providing much needed support to Ukrainian businesses.
“These initiatives will help protect jobs, livelihoods and families now and in Ukraine’s post-war future.”
The UK remains a key and committed partner in Ukraine’s digital reconstruction efforts, which kicked off in June 2022 at the UK-Ukraine Infrastructure Summit, and included the signing of a Memorandum of Understanding (MoU). This was the start of an important long-term dialogue and cross-border policymaking coordination regarding key digital tech programmes, considerations and provisions, including the Infrastructure Taskforce and focus upon B-B data-flows and essential infrastructural trade including semiconductors and telecommunications.
techUK is working closely with the government in coordinating contributions to Ukraine’s reconstruction. Should members have any questions or wish to get involved in this piece of work, they should reach out to firstname.lastname@example.org.
Original article link: https://www.techuk.org/resource/uk-ukraine-digital-trade-agreement-signed.html
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