Ministry of Economy of Ukraine
The open and free structure of the digital economy is the best investment in development and the future, – Yulia Svyridenko on the conclusion of the Digital Trade Agreement between Ukraine and United Kingdom
01.12.2022 | 14:13 | Section for Public and Mass Media Relations
The signing of the Agreement was agreed upon on 30 November 2022 by First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko and UK’s Secretary of State for International Trade Kemi Badenoch.
The parties expect the Agreement will support Ukraine’s economy under conditions of the full-scale invasion of the Russian federation and lay the foundations for further successful post-war reconstruction.
Earlier, in spring, the parties agreed to lift all tariffs and quotas in mutual trade, and later also agreed to simplify mutual access to the public procurement market. Thus, by signing the Digital Trade Agreement, the countries reaffirm their intentions to further develop the legal framework that will facilitate bilateral trade and strengthen ties between Ukrainian and British businesses.
“The Digital Trade Agreement between the United Kingdom and Ukraine lays the foundations for free trade in digital goods and services between the two countries. We believe that an open and free framework for the digital economy is the best investment in development and the future. The agreement also illustrates that Ukrainian IT companies operating in Ukraine are in demand all over the world despite all the challenges of war,” Yuliia Svyrydenko said.
“The landmark Digital Trade Agreement between our two countries paves the way for a new era of modern trade between us. This agreement means that our businesses and Governments can collaborate even more and ensure Ukrainians have access to essential goods and services digital trade opens up. This will help protect jobs, livelihoods and families now and in Ukraine’s post-war future,” Kemi Badenoch said.
The parties stressed that digital trade is especially important in the current context, when hostilities and destruction of infrastructure make physical trade much more difficult.
In addition, there is a critical need for people to be able to use digital solutions to identify themselves despite the loss of important documentation or to cross borders. Therefore, the agreement also sets out a framework for the UK and Ukraine to work together to ensure that digital identification systems of the two countries are consistent.
The Agreement will cover all modern areas of the economy and social life, namely digital trading systems, free data exchange, consumer protection, open digital markets, financial services and technical cooperation.
In particular, the Agreement involves:
- non-application of duties (but freedom of taxation) in digital trade;
- maintaining a common legislative framework for electronic transactions, electronic contracting, electronic identification, paperless trade, protection of personal information, etc.
Currently, more than two-thirds of British export services to Ukraine are already provided digitally. A single window for traders and government agencies will be created in the future, trade in services is expected to grow and proper protection of personal data will be introduced. Access to public resources of the two countries should also improve.
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