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UK and Ukraine agree to 5-year extension of tariff-free trade period

Photo by Marcin Jozwiak / Unsplash

The UK has agreed to extend a tariff-free trading period with Ukraine to 2029, meaning businesses from neither country will pay import duties on almost all products, Ukrainian Economy Minister Yulia Svydydenko said.

The agreement adds five years to the existing tariff-free agreement, which the countries signed shortly after Russia's full-scale invasion of Ukraine. The original deal expires in March.

The accord was responsible for a 20% increase in bilateral trade last year to $1.4 billion and is helping "strengthen Ukraine’s export potential, promote business development and the national economy," Svyrydenko said in a press release.

The five-year suspension of tariffs applies to all goods except poultry and eggs, which will be subject to a two-year suspension.

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