BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The UK-Ukraine Digital Trade Agreement has entered into force, allowing businesses on both sides to benefit from quicker and cheaper trade.
The digital agreement is one of the first of its kind and opens the door to wider shifts to digital trading systems as Ukraine's physical trading systems have been impacted by war.
Ukraine is one of the largest exporters of information technology services globally, with areas such as outsourcing, cybersecurity, artificial intelligence (AI) and mobile applications in rapid development before the war.?
More than half of UK services exports to Ukraine are digitally delivered.
Business and Trade Secretary Jonathan Reynolds said:
We're modernizing our trade relationship with Ukraine with one of the world's first digital only trade agreements.
'Greater digitalization of the economy is an important step in supporting Ukraine's economy and their fight for independence. This government will continue to lead the way in our unwavering support for Ukraine and its people,' UK Business and Trade Secretary Jonathan Reynolds said.
'Implementing this agreement will deepen Ukraine's participation in global supply chains, foster the development of small and medium-sized businesses, maintain free access for Ukrainian IT companies to the UK digital markets, and provide crucial support to our economy during the war and in the post-war reconstruction period,' said Ukraine's First Deputy Prime Minister and Minister of Economy Yuliia Svyrydenko.
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