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Verkhovna Rada ratified the Agreement on the Abolition of Import Duties and Tariff Quotas in Trade between Ukraine and the United Kingdom

20 June 2022 10:56

Verkhovna Rada ratified the Agreement on the Abolition of Import Duties and Tariff Quotas in Trade between Ukraine and the United Kingdom

The Verkhovna Rada of Ukraine ratified the Agreement on the Abolition of Import Duties and Tariff Quotas in Bilateral Trade between Ukraine and the United Kingdom. 301 MPs voted in favor of the decision.

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

The opening of new markets will promote the development of Ukrainian production, will allow to increase foreign exchange earnings, which, in turn, will strengthen Ukraine's economy, becoming an important factor in its reconstruction.

Due to the abolition of import duties and tariff quotas, Ukrainian producers will have a chance to increase exports of high value-added goods. These include flour, dairy products, poultry and semi-finished products, tomato paste, juices, sugar and more. Ukraine traditionally exports these goods to Great Britain.

In 2021, the trade turnover between the countries increased by almost 57% and amounted to $2.2 billion. In turn, exports showed significant dynamics, adding + 62% and exceeding $1 billion.

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