Ukraine and UK agreement on elimination of export taxes and quotas and put into legal form - 05.05.2022

Ukraine and UK agreement on elimination of export taxes and quotas and put into legal form - 05.05.2022

Ukraine and the United Kingdom of Great Britain and Northern Ireland have legalized the elimination of import duties and tariff quotas in bilateral trade. The agreement will remain in force for 12 months, but may be extended by mutual agreement of the parties for a new term, the Economy Ministry of Ukraine reports.

It is expected that due to the cancellation of import duties and tariff quotas, Ukrainian businesses will be able to increase exports of high value-added goods in the future. 

"This primarily concerns flour, grain, dairy products, poultry meat and products, tomato paste, honey, corn, wheat, juices, mushrooms, sugar, etc. These are the agri-food products that Ukraine traditionally exports to Great Britain", the ministry marks.

This will not only contribute to the development of the processing industry in Ukraine but will also increase the inflow of foreign exchange earnings and boost Ukraine's economy.

he trade relations between Ukraine and the UK have a long and fruitful history. In 2021, trade turnover between Ukraine and Great Britain grew by 57% and amounted to USD 2.2 bln. Exports were particularly active (+62%), reaching over USD 1 bln.

In late April this agreement was announced to be concluded by the UK Government.

Source: https://latifundist.com/