The Parliament ratifies a free trade agreement with UK

From 2023 onwards, the United Kingdom may stop levying duties on imports of Ukraine-made industrial products

The Verkhovna Rada of Ukraine has ratified the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland, according to the Information Department of the Apparatus of the Verkhovna Rada.

“The Agreement will enter into force when the Association Agreement between Ukraine, of the one part, and the European Union, the European Atomic Energy Community and their Member States, of the other part, ceases to apply to the United Kingdom of Great Britain and Northern Ireland and when the last of the notifications sent by the Parties is received on the completion of its domestic procedures”, according to the post on the Parliament’s website.

As reported earlier, the Agreement was signed by Ukrainian President, Volodymyr Zelenskyi, and British Prime Minister, Boris Johnson, on 8 October 2020 in London. Its ratification by the parliaments of the two countries has been expected this week.

“The British Parliament has also completed its procedure. So, we are now working at full steam to enact the Agreement from 1 January onwards,” Taras Kachka, Deputy Minister for Development of Economy, Trade and Agriculture of Ukraine, wrote on his Facebook page.

The document establishes relations of strategic partnership and consolidates cooperation in the main areas between the two states after Britain’s withdrawal from the European Union.

As a result of the Agreement, from 2023 onwards, the UK is expected to lift duties on imports of Ukraine-made industrial products.

According to Taras Kachka, Britain’s withdrawal from the European Union will allow a more flexible approach to anti-dumping and safeguard measures currently applied to Ukraine. First of all, this applies to metal products, in particular hot-rolled products, sheets and bars.

As GMK Center reported earlier, on 10 December 2020, the Parliament registered the law No. 0083 “On Ratification of the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland” submitted by President Volodymyr Zelenskyi.

Prior to this, the UK Government set a procedure for applying special safeguard measures against imports, including steel products, from 1 January 2021 onwards. Among other things, the quotas will apply to imports of cold-rolled products, plates and rebar from Ukraine.