The new Agreement on digital trade will remove barriers to trade, as well as provide appropriate support to Ukrainian businesses that have suffered as a result of russia's armed aggression against Ukraine.

On August 23, 2022, the First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Yulia Svyridenko, the Deputy Prime Minister of Ukraine - Minister of Digital Transformation of Ukraine Mykhailo Fedorov and the Secretary of State for International Trade of Great Britain Anne-Marie Trevelyan confirmed the intention of the parties to conclude the Digital Trade Agreement. The relevant statement was made during an online meeting with the participation of Ambassador Extraordinary and Plenipotentiary of Ukraine to the United Kingdom Vadym Prystaiko and H.E. Ambassador Extraordinary and Plenipotentiary of United Kingdom to Ukraine Melinda Simmons.

Commenting on the intention to start the negotiation process, Yulia Svyridenko noted: "The Digital Trade 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".

Future agreements should ensure the creation of an appropriate digital infrastructure and regulatory environment, which will provide a single window for traders and government authorities, leveling restrictions on cross-border data transfers; growth of trade in services; proper protection of personal data; improving access to public resources managed by Ukraine and Great Britain. According to the legal form, the Agreement on digital trade will supplement the Agreement on political cooperation, free trade and strategic partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland, concluded on October 8, 2020.

It should be mentioned that on May 4, 2022, the parties signed Agreement              № 1 in the form of an exchange of letters, which canceled all tariff restrictions in bilateral trade for 12 months with the possibility of extending this period.

Besides this, on August 18, 2022, Ukraine and Great Britain signed Agreement № 2 in the form of an exchange of letters on updating and regulating the provisions on public procurements.

Reference source: https://bit.ly/3Cts6h6