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Britain extends tariff-free trade with Ukraine to 2029
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LONDON (Reuters) – Britain on Thursday said it would extend tariff-free trade with Ukraine on almost all goods until 2029, giving continued favourable trading terms to Kyiv in the wake of Russia’s invasion.
LONDON (Reuters) – Britain on Thursday said it would extend tariff-free trade with Ukraine on almost all goods until 2029, giving continued favourable trading terms to Kyiv in the wake of Russia’s invasion.
Britain removed tariffs on all its trade with Ukraine after the war with Russia started two years ago, and previously they had agreed the arrangement would last until March 2024.
Britain’s business and trade ministry said tariff-free trade would be extended on all goods for five years, except eggs and poultry which will be extended for two years, and that British firms would also benefit from the removal of tariffs for exports to Ukraine too.
“This agreement provides much needed long-term economic support to Ukraine, its businesses and people – critical to its recovery,” junior trade minister Greg Hands said, adding Britain’s support would continue “for as long as is needed.”
Britain has backed Ukraine’s war effort by providing weapons and aid, as well as favourable trade terms including a new digital trade deal.
(Reporting by Alistair Smout; Editing by Kate Holton)
Economic support refers to financial assistance provided to a country or region to help stabilize its economy, promote growth, or assist in recovery from crises, such as war or natural disasters.
The UK economy refers to the economic system of the United Kingdom, characterized by a mixed economy that includes various sectors such as services, manufacturing, and agriculture.
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