Ukraine and Great Britain sign agreement on abolition of import duties and quotas

Ukraine and Great Britain legally confirmed the abolition of import duties and quotas in bilateral trade by signing a corresponding agreement. It will be valid for 12 months, but it may be extended by agreement between the parties for a new term.

Trade relations between Ukraine and the UK have a long and successful history. In 2021, trade turnover between Ukraine and the UK increased by almost 57% and amounted to 2.2 billion dollars. Moreover, exports especially increased (+62%), reaching more than $1 billion.

Due to the cancellation of import duties and quotas, Ukrainian businesses will be able to increase exports of goods with high added value in the future. It is, first of all, flour, grain, dairy products, poultry meat and semi-finished products, tomato paste, honey, corn, wheat, juices, mushrooms, sugar, etc. These are the goods that Ukraine traditionally exports to Great Britain.

Thus, it will not only contribute to the development of Ukrainian production, but also increase the flow of foreign exchange revenues, and strengthen the economy of Ukraine.