Business news from Ukraine

UK and Ukraine planning to conclude digital economy agreement

25 August , 2022  

Ukraine and the UK are planning to conclude an agreement on digital trade, which will remove barriers to trade and provide support to Ukrainian businesses, the UK has previously concluded such an agreement only with Singapore, the Ukrainian Ministry of Economy and the Ministry of Digital Transformation report.
The Ministry of Economy in a press release on Wednesday clarified that the day before, First Deputy Prime Minister, Economy Minister Yulia Svyrydenko and Deputy Prime Minister, Minister of Digital Transformation Mykhailo Fedorov discussed this document – Digital Economy Agreement – with Secretary of State for International Trade of Great Britain Anne-Marie Trevelyan.
“The Digital Economy Agreement is a new type of trade agreement that will open up new opportunities for Ukrainian and British businesses through the use of modern technologies that will reduce bureaucratic procedures and promote the use of electronic payments, digital signatures and electronic contracts,” Svyrydenko said.
According to the release of the Ministry of Economy, the agreements involve the creation of digital infrastructure to level restrictions on cross-border data transfer, the opening of a single window for traders and government agencies, the growth of trade in services, proper protection of personal data and improved access to public resources.
The Ministry of Digital Transformation added that among the main areas of cooperation were financial technologies and payment systems, open digital markets and technical cooperation.
The Ministry of Economy clarified that the agreement on digital trade would supplement the agreement on political cooperation, free trade and strategic partnership between Ukraine and the UK, concluded on October 8, 2020.

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