Ratification of Digital Trade Agreement with UK to deepen Ukraine’s participation in global economy – Svyrydenko
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Ukrinform | 24 April 2024
Ratification of Digital Trade Agreement with UK to deepen Ukraine’s participation in global economy – Svyrydenko
The ratification of the Digital Trade Agreement between Ukraine and the United Kingdom by the Verkhovna Rada will deepen Ukraine’s participation in global supply chains and promote the development of small and medium-sized businesses.
This was stated by Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine, Minister of Economy of Ukraine, Ukrinform reports, referring to the ministry’s press service.
"The entry into force of the Digital Trade Agreement between Ukraine and the United Kingdom will help reduce the cost of trade administration through the introduction of digital solutions and technologies, the use of electronic digital signatures, electronic contracts and invoices for international trade. It establishes the basic rules for trade in digital goods and services between states, and will help deepen Ukraine’s involvement in the global economy as well as enhance our country’s image as a trading partner. The Agreement will be an important step of an effective tool to support the national economy in wartime and during the post-war reconstruction period," emphasized Svyrydenko.
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She noted that the Agreement will be an important step in an effective tool to support the national economy in wartime and during the post-war reconstruction period.
The Agreement is the legal basis for the greater development of the digital economy - from e-commerce to cybersecurity - trade in digital products and services between Ukraine and the UK.
This new generation trade agreement is primarily focused on preventing barriers in the future. This is critical as countries around the world increasingly regulate the digital sphere. For Ukrainian IT companies, maintaining free access to markets is a basic condition for further development.
Svyrydenko noted that the United Kingdom is one of Ukraine’s main partners in the export of telecommunications, computer and information services. In 2022, exports of these services amounted to USD 471.3 million, while imports amounted to USD 46.7 million.
As reported, the Digital Trade Agreement complements the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland.
The British side has already completed its internal procedures. Therefore, the Agreement will enter into force after all domestic procedures in Ukraine are completed.
