Ukraine's parliament ratified the agreement on political cooperation, free trade, and strategic partnership between Ukraine and the U.K., the parliament’s press center reported on Aug. 22.
The agreement consolidates the U.K.'s decision in February this year to abolish import duties and tariff quotas in trade with Ukraine until 2029.
The tariff-free trade extension aims to support Ukraine's long-term economic recovery from the war with Russia, which has disrupted supply chains and transport routes and impacted Ukraine's ability to export goods.
The five-year extension applies to all categories of goods except eggs and poultry, which will be extended only for two years.
"This extension will boost opportunities for Ukrainian business in key sectors such as oils, grains, and other agri-foods," the head of trade policy at the British Chambers of Commerce, William Bain, said when the extension of the deal was first announced.
"This agreement provides much-needed long-term economic support to Ukraine, its businesses, and its people – critical to its recovery from (Russian President Vladimir) Putin's illegal invasion," U.K. Trade Policy Minister Greg Hands said at the time.
The agreement between Ukraine and the U.K. is bilateral, meaning that British companies can also benefit from duty-free trade with Ukraine.
The U.K. and Ukraine signed an agreement on July 19 that provides credit support for the development of Ukraine's defense industry. The agreement aims to support the partial production of air defense systems, armored vehicles, and ammunition in Ukraine.
Nate Ostiller
