The UK and Ukraine have agreed to extend tariff-free trade on the majority of goods for an additional five years, aiming to support Ukrainian businesses affected by the ongoing conflict. This extension, set to be signed by UK Trade Minister Greg Hands and Ukraine\u2019s First Deputy Prime Minister Yuliia Svyrydenko in a virtual ceremony, represents the most generous tariff break offered by any country. The move is intended to aid Ukraine’s long-term economic recovery from the war and ensure that most UK-Ukraine trade remains tariff-free until at least 2029.<\/p>\n\n\n\n
This commitment reflects the UK\u2019s ongoing efforts to assist Ukraine in the aftermath of Russia\u2019s full-scale and illegal invasion, which has disrupted supply chains and transport routes, hampering Ukraine’s ability to export goods. Notably, the UK was the first nation to remove tariffs on all its trade with Ukraine two years ago, and today’s announcement further solidifies its leading role in providing economic support and certainty to Ukrainian businesses and exporters.<\/p>\n\n\n\n
UK Minister of State for Trade Policy Greg Hands emphasized the significance of this agreement in providing crucial long-term economic support to Ukraine amid the ongoing conflict. Additionally, William Bain, Head of Trade Policy at the British Chambers of Commerce, welcomed the extension of zero tariff trading terms, highlighting its importance in alleviating pressure on Ukraine’s economy and facilitating access to supply chains.<\/p>\n\n\n\n
In addition to this tariff-free trade extension, the UK has committed \u00a32.5 billion in military aid to Ukraine for 2024\/25, including the largest delivery of drones to the nation from any country. This aid builds on the UK’s previous contributions totalling over \u00a310 billion in military, humanitarian, and economic support since the outset of Putin’s invasion in 2022.<\/p>\n\n\n\n