A digital trade agreement between Ukraine and the UK enters into force in a week. What does this mean for Ukraine?

The Ministry of Economy stated that the agreement is part of another agreement on political cooperation, free trade, and strategic partnership between the countries, concluded on October 8, 2020. The agreement on digital trade aims to create a legal framework for the development of international digital trade.

The agreement covers the following areas: open digital markets, digital trading systems, data protection and management, consumer and business protection, financial services, and technical cooperation. The digital trade agreement’s implementation will contribute to:

• reducing the cost of trade administration by implementing digital solutions and technologies
• the use of electronic digital signatures, contracts, and invoices for international trade
• consolidating fundamental freedoms for international trade in digital goods and services
• the preservation of free access for Ukrainian IT companies to Britain’s digital markets
• deepening Ukraine’s participation in the global economy and improving the image of our country as a trade partner