Economy

UK extends duty-free trade with Ukraine: there is a nuance

The United Kingdom and Ukraine have extended duty-free trade in most goods for another five years – until 2029. This was announced by the British government, according to

The UK has cancelled duties on all its trade with Ukraine following Russia’s invasion of the country. Earlier, the two countries agreed that the arrangements would be valid until March 2024.

The UK Department of Business and Trade has announced thatduty-free trade with Ukraine will continue for the next five years.

Duty-freetrade until 2029 applies to all goods except eggs and poultry, for which the agreement will be in force for two years. According to the ministry, British businesses will also benefit from the abolition of duties on exports to Ukraine.

“This agreement provides much-needed long-term economic support for Ukraine, its businesses and people – critical to its recovery,”

– said Junior Secretary of Commerce Greg Hands.

The official noted that the UK will support Ukraine “for as long as it takes”.

In total, the UK has provided more than £10 billion worth of military, humanitarian and economic support to Ukraine since the full-scale invasion of Russia in 2022.