Ukraine and the United Kingdom have signed a Digital Trade Agreement to promote the development of the digital economy and trade in digital products and services. The agreement will prevent barriers to the digital sphere in the future and is considered a new generation trade agreement.
Agreement Details
The Digital Trade Agreement was signed on March 20th by Yulia Svyrydenko, First Vice Prime Minister of Ukraine and Minister of Economy, and Cammy Badenoch, Secretary of State for Business and Trade, President of the Board of Trade and Minister for Women and Equalities on the British side. The negotiation process involved the Ministry of Digital Transformation on the Ukrainian side, which was responsible for recognizing electronic authentication and trust services, personal data protection, new technologies, and open access to the internet. The agreement provides a legal framework for the development of the digital economy from e-commerce to cybersecurity.
Benefits for Ukraine
Yulia Svyrydenko expressed her gratitude to the British side for their unprecedented military, financial, and technical assistance from the first days of the full-scale invasion, as well as for their support in the field of digital trade. The agreement will deepen Ukraine’s participation in global supply chains, promote SME development and women’s participation in the digital economy, and reduce barriers to participation in global digital trade. This agreement is a significant step towards expanding cooperation between Ukrainian and British businesses, which will strengthen the Ukrainian-British investment partnership. The agreement lays the groundwork for the practical content of the Ukraine Recovery Conference, to be held in London in June this year. The conference will significantly contribute to mobilizing international support for Ukraine’s economic and social stabilization and post-war recovery.
UK’s Perspective
Cami Badenoch noted that the UK will continue to support Ukraine. The UK is interested in developing partnerships between businesses of both countries, further trade liberalization, and implementation of joint projects to rebuild Ukraine. The UK is the second country in the world, after Singapore, to sign a Digital Trade Agreement with Ukraine.
The Digital Trade Agreement supplements the Agreement on Political Cooperation, Free Trade and Strategic Partnership between Ukraine and the United Kingdom of Great Britain and Northern Ireland. After all domestic procedures are completed, the agreement will enter into force. The signing of this agreement is a key moment in the bilateral relations between Ukraine and the UK, and a significant step towards deepening their partnership in the digital sphere.
