Ukraine ratified the abolition of duties on trade with the UK

The Verkhovna Rada ratified the Agreement on the abolition of import duties and tariff quotas in bilateral trade between Ukraine and the UK.

The decision was supported by an absolute majority of deputies – 301 votes.

The agreement will be valid for 12 months, but, by agreement between the parties, can be extended for a new period.

Thanks to the abolition of import duties and tariff quotas, Ukraine will be able to increase the export of goods with high added value. We are talking about flour, dairy products, poultry meat and semi-finished products, tomato paste, juices, sugar, etc. It is these goods that Ukraine traditionally exports to the UK.

The opening of new markets will not only contribute to the development of Ukrainian production, but will also increase the flow of foreign exchange earnings. This will strengthen the Ukrainian economy, becoming an important factor in its recovery.

Last year, trade turnover between Ukraine and the UK grew by almost 57% – to $2.2 billion. In turn, exports showed significant dynamics, adding 62% – to more than $1 billion.