Britain Extends Tariff-Free Trade With Ukraine to 2029

In a recent development, Britain has announced its decision to extend tariff-free trade with Ukraine for an additional five years, until 2029. This extension underscores Britain’s commitment to fostering strong economic ties with Kyiv, particularly in the aftermath of Russia’s invasion of Ukraine.

The initial implementation of tariff-free trade between Britain and Ukraine occurred two years ago, as a response to the escalating conflict with Russia. At that time, Britain took the significant step of removing tariffs on all trade with Ukraine. This move was intended to provide immediate relief and support to Ukraine’s economy during a period of heightened instability.

Originally, the tariff-free trade agreement was set to expire in March 2024. However, in light of ongoing geopolitical tensions and Ukraine’s continued need for economic support, Britain has decided to prolong the arrangement for an additional five years.

Under the extended agreement, tariff-free trade will encompass almost all goods traded between Britain and Ukraine. However, there are some exceptions, with tariffs on eggs and poultry set to remain eliminated for an additional two years. This extension of favorable trading terms is expected to benefit businesses and industries in both countries, facilitating smoother trade relations and bolstering economic stability.

In addition to extending tariff-free trade, Britain has also expressed its commitment to supporting Ukraine through various channels. This includes providing military aid and assistance, as well as implementing favorable trade policies. The decision to extend tariff-free trade underscores Britain’s solidarity with Ukraine and its ongoing efforts to strengthen diplomatic and economic ties with the country.

Junior trade minister Greg Hands emphasized the significance of this agreement, highlighting its role in providing essential long-term economic support to Ukraine, its businesses, and its people. He reiterated Britain’s unwavering commitment to standing by Ukraine during this challenging period, affirming that Britain’s support will continue for as long as necessary.

Furthermore, Britain’s gesture of extending tariff-free trade with Ukraine serves as a testament to the resilience and determination of both nations to overcome adversity and build a prosperous future together. As Ukraine continues to navigate the aftermath of the conflict with Russia, Britain’s ongoing support is poised to play a crucial role in facilitating the country’s recovery and fostering sustainable growth.

Get the latest supply chain report news insights at The Supply Chain Report. For international trade resources, visit ADAMftd.com.

#TariffFreeTrade #BritainUkraine #EconomicSupport #UkraineRecovery #TradeRelations #UkraineEconomy #RussiaUkraineConflict #MilitaryAid #DiplomaticTies #GregHands #Resilience #LongTermSupport #TradeAgreement #UKCommitment #EconomicStability