UK, Ukraine Reach Digital Trade Agreement - Foreign Trade Department

MOSCOW (Pakistan Point News / Sputnik - 30th November, 2022) London and Kiev have reached a new Digital Trade Agreement (DTA) to provide support for Ukraine's economy and lay foundations for its recovery and revival, the Department for International Trade of the United Kingdom said on Wednesday.

London and Kiev began negotiating the agreement in August.

"The UK and Ukraine will today (Wednesday 30 November) agree a ground-breaking new Digital Trade Agreement (DTA) that will help Ukraine rebuild its economy and support livelihoods," the department said on the website.

According to the statement, Trade Secretary Kemi Badenoch and Ukrainian First Deputy Prime Minister and Minister for Trade and Economy Yulia Svyrydenko will sign the deal today in London. It is the second such trade deal for the UK and the first one for Ukraine.

"The agreement provides a framework for the UK and Ukraine to cooperate to promote compatibility between their respective digital identity systems to help address this," the statement read.

Under the agreement, the Ukrainian side "will have guaranteed access to the financial services crucial for reconstruction efforts through the deal's facilitation of cross-border data flows." The agreement establishes greater cooperation between London and Kiev on cybersecurity and emerging technologies.

Ukraine's businesses will be able to "better access the digitally delivered goods and services they need to succeed" and will also be able to "trade more efficiently and cheaply with the UK through electronic transactions, e-signatures, and e-contracts."