From January 1, 2021, the Agreement on Free Trade with the UK will come into force. The document provides free access to the British market for 98% of the Ukrainian products. From 2023, another 2% will be liberalized as Ukraine’s Economy Ministry reported.
“It is a landmark event for us as it was important not only to sign the Agreement with the UK but also to agree on it with the European Union, considering the earlier signed the Association Agreement. We have succeeded to reach good results as our rates of trade with the EU were unchanged,” Minister for Development of Economy, Trade and Agricultural Land of Ukraine Ihor Petrashko said.
It is noted that the agreement will significantly improve the balance and structure of the bilateral trade between Ukraine and the UK, provide the convincing possibilities for business, profitable collaboration with the Ukrainian partners.
Meanwhile, the ministry reported that new agreements are being prepared with Tunisia, Egypt, Jordan, Vietnam, Indonesia and China. Moreover, Ukraine extends the possibilities for preferential export of goods to the markets of the EU, Norway, Iceland, Switzerland and Georgia within the pan-Euro-Mediterranean regional convention.
As we reported, the representatives of 27 EU member countries signed a letter of consent so that the EU-UK deal on trade and cooperation would start working on January 1, 2021.