The UK has extended tariff preferences for Ukraine until the beginning of 2024

The British government has officially announced its intention to continue duty-free trade with Ukraine. This was announced by Minister of International Trade Nigel Huddleston in Parliament, the First Deputy Prime Minister – Minister of Economy of Ukraine Yulia Svyridenko reported about it on Facebook page.

“This statement is one of the steps to formalize our December political agreement with State Secretary for Business and International Trade Kemi Badenoch. We will formalize this and other agreements during the trade committee meeting in March 2023,” she noted.

According to Yulia Svyridenko, the systematic economic support of Ukraine from partners is bringing victory and quick recovery closer. She added that the government is working to ensure that there will be a lot of good news for the Ukrainian economy in the spring of this year.

The United Kingdom Government, according to Reuters, said that they are continuing the temporary liberalization of tariffs for Ukraine until the beginning of 2024.

“The liberalization of all tariffs on imports from Ukraine will continue to apply to the whole of the United Kingdom and the Crown’s possessions,” Minister Nigel Huddleston said.

As GMK Center reported earlier, in May 2022, Ukraine and the UK legally fixed cancellation of import tariffs and tariff quotas in bilateral trade by signing the relevant agreement. It was supposed to be valid for 12 months, but can be extended for a new term by agreement between the parties. According to the Ministry of Economy, in 2021, trade turnover between Ukraine and the UK amounted to $2.2 billion.

Also, the European Commission (EC) approved the proposal to extend the autonomous trade measures (temporary suspension of import customs tariffs, quotas and trade protection measures) for another year in relation to Ukrainian exports to the European Union. In 2022, Ukrainian exports to the EU amounted to $27.9 billion.