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Ukraine, UK formalize abolition of import duties, tariff quotas in bilateral trade

KYIV. May 5 (Interfax-Ukraine) – Ukraine and the UK have legally secured the abolition of import duties and tariff quotas in bilateral trade by signing a relevant agreement, the Ministry of Economy of Ukraine reported on Wednesday.

"The agreement will be valid for 12 months, but can be extended by agreement between the parties for a new period," the release states.

According to it, now Ukrainian producers can export more products to the British market. First of all, we are talking about flour, grain, dairy products, poultry meat and semi-finished products, tomato paste, honey, corn, wheat, juices, mushrooms, and sugar – these are the goods Ukraine traditionally exports to the UK.

The Ministry of Economy noted that in 2021, the trade turnover between Ukraine and the UK increased by almost 57%, to $2.2 billion, with exports especially intensified (up by 62%), exceeding $1 billion.

The ministry recalled that the European Union also recently announced its intention to cancel the collection of all import duties on Ukrainian goods for a year.