Ratification by the Verkhovna Rada of the agreement with Great Britain on duty-free trade and strategic partnership will lead to liberalization of trade in the next five years and will strengthen Ukraine's export potential, said First Deputy Prime Minister - Minister of Economy of Ukraine Yulia Svyrydenko.

"The Verkhovna Rada has completed the internal procedures that were necessary for the entry into force of the Agreement on Political, Free Trade and Strategic Partnership between Ukraine and the United Kingdom in terms of trade liberalization. By 2029, it is envisaged to abolish all import duties, as well as tariff quotas in bilateral trade. This will open a new market for Ukrainian producers, strengthen Ukraine's export potential, and promote the development of business and the national economy," the press service of the Ministry of Economy quotes her as saying.

The department clarified that they expect trade between Ukraine and the United Kingdom to revive and domestic producers to increase exports of their own products, traditionally supplied to the British market. In particular, the matter concerns flour, grain, dairy products, poultry and semi-finished products, tomato paste, honey, corn, wheat, juices, sugar, etc. Ukraine will also have the opportunity for more flexible planning of export logistics and, in the future, to increase exports of goods with high added value.

As reported, the Verkhovna Rada ratified the agreement between Ukraine and the United Kingdom of Great Britain and Northern Ireland on political, free trade and strategic partnership on August 22. The agreement will be valid for a five-year period until March 31, 2029, with the exception of two commodity items - eggs and poultry products, the liberalization of trade with which will be extended for 2 years - until April 1, 2026.