Ukraine 12.02.2024

Britain Extends Tariff-Free Trade with Ukraine Until 2029

Source: The DairyNews
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In a demonstration of unwavering support, Britain has announced an extension of tariff-free trade with Ukraine on nearly all goods until 2029.
Britain Extends Tariff-Free Trade with Ukraine Until 2029
This extension, initiated in the aftermath of Russia's invasion two years ago, underscores Britain's commitment to providing favorable trading terms to Kyiv during these challenging times.

Initially, tariffs were lifted on all trade between the two nations when the conflict began, with an agreement in place to maintain this arrangement until March 2024. However, Britain's business and trade ministry has now confirmed the extension of tariff-free trade for five years on all goods, except for eggs and poultry, which will enjoy a two-year extension. Additionally, British companies will benefit from the removal of tariffs on exports to Ukraine.

Junior Trade Minister Greg Hands emphasized the significance of this agreement, stating, "This agreement provides much-needed long-term economic support to Ukraine, its businesses, and people – critical to its recovery." He further assured that Britain's support would endure for as long as necessary.

Britain's commitment to Ukraine goes beyond economic measures, as the nation has actively supported Ukraine's war efforts through the provision of weapons and aid. The extension of favorable trade terms, coupled with initiatives like the recently established digital trade deal, reflects Britain's holistic approach in standing by Ukraine in times of adversity.
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Lee Mielke
editor of the Mielke Market Weekly
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Aaron Smith
Professor of Agricultural and Resource Economics at the University of California
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February 2024
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