LONDON (Reuters) – Britain on Monday said it would extend its zero-tariff arrangement on products from Ukraine until March 2024 as part of its measures to support the economy there after the Russian invasion last year.
Britain initially cut tariffs on all goods from Ukraine to zero last May, and agreed in principle a digital trade deal with Ukraine last November.
On Monday Britain and Ukraine will sign that digital trade deal as the government hosts Ukrainian ministers and UK businesses at an event in London.
“The historic digital trade deal signed today paves the way for a new era of modern trade between our two countries,” British business and trade minister Kemi Badenoch said.
“We are also extending tariff free trade on imports from Ukraine to early 2024, providing much needed support to Ukrainian businesses.”
Britain will host the Ukraine Recovery Conference in June. Britain said its military, humanitarian and economic support to Ukraine pledged since the invasion began stood at more than 4 billion pounds ($4.9 billion).
The digital trade deal will give Ukraine guaranteed access to UK financial services during reconstruction efforts by facilitating cross-border data flows, and make electronic transactions more efficient.
($1 = 0.8214 pounds)
(Reporting by Alistair Smout; Editing by Hugh Lawson)
