Businesses in the UK and Ukraine are expected to be boosted as a digital trade deal between the two countries comes into force.
The UK-Ukraine Digital Trade Agreement (DTA) is one of the world’s first digital-only agreements, with physical trading systems currently unavailable due to the war.
Business and Trade Secretary Jonathan Reynolds said the deal aims to modernise trading relationships and encourage “greater digitalisation of the economy”.
Mr Reynolds said: “We’re modernising our trade relationship with Ukraine with one of the world’s first digital only trade agreements.
“Greater digitalisation of the economy is an important step in supporting Ukraine’s economy and their fight for independence. This Government will continue to lead the way in our unwavering support for Ukraine and its people.”
Ukraine is one of the largest exporters of information technology services globally, with areas such as outsourcing, cybersecurity, artificial intelligence (AI) and mobile applications in rapid development before the war.
The deal is part of the UK’s plan to aid Ukraine’s post-conflict transition to a digital economy, with over half of our services exports to Ukraine already digitally delivered.
Ukraine’s first deputy prime minister and minister of economy Yulia Svyrydenko said: “The support of Ukraine from the United Kingdom is unprecedented. We have felt it from the very first days of the full-scale war. The digital trade agreement between our countries is another manifestation of solidarity and support.
“Implementing this agreement will deepen Ukraine’s participation in global supply chains, foster the development of small and medium-sized businesses, maintain free access for Ukrainian IT companies to the UK digital markets, and provide crucial support to our economy during the war and in the post-war reconstruction period.”
