In a significant development, Britain has announced the extension of tariff-free trade with Ukraine until 2029, extending crucial support to Kyiv in light of recent events.
Following the conflict in the region two years ago, Britain abolished tariffs on all trade with Ukraine. Initially slated to end in March 2024, the agreement has now been prolonged for an additional five years, encompassing a wide range of goods.
Notably, this extension also includes the removal of tariffs for British exports to Ukraine, creating reciprocal benefits for businesses in both nations.
Junior Trade Minister Greg Hands emphasized the significance of this agreement in providing long-term economic assistance to Ukraine, its businesses, and its people, which is essential for the nation’s recovery efforts. He reiterated Britain’s commitment to supporting Ukraine for as long as necessary.
In addition to favorable trade terms, Britain has shown its support for Ukraine through various means, including the provision of weapons, aid, and the recent establishment of a digital trade deal.
This extension underscores Britain’s unwavering dedication to fostering mutually beneficial trade relations and offering vital support to Ukraine during this challenging period.