UK Ukraine trade deal – Background

UK Ukraine trade deal will happen. United Kingdom companies are well placed to win tens of billions in contracts for the recovery of Ukraine once the war is over. That is according to a source close to President Zelensky who said “The UK was the first to put its hand up to help us,” “As well as this, the UK has acted first on tanks, on long range missiles and on many other things. The influence of the UK has helped others like the US and the EU to support our defence against the warlord in the Kremlin and the Ukrainian people will never forget this.” Indeed Ukrainian Prime Minister Shmyhal has already held initial talks with the UK Government about establishing a procurement process for UK companies to bid for post-war contracts.

Ukraine has suffered over 320 billion USD of damage as a result of russia’s unprovoked war against the country and there will be huge construction, engineering, energy and infrastructure projects required to rebuild the country.

The UK and Ukraine governments are in discussion with regard to a post war free trade deal which would include investment and work visas. The FTA would open up export opportunities for UK manufacturing, food, consumer goods and services to Ukraine and ease red tape for establishing a subsidiary in the country. With the UK now being outside of the EU it enables trade deals to be done relatively quickly and this is another factor in the favour of the UK.

UK Ukraine trade deal – Quote form UK trade expert

Marco Forgione, director general of The Institute of Export and International Trade, said that a bilateral trade deal between the UK and Ukraine will focus on areas “that would have the biggest impact on Ukrainian recovery post-war” and will be aligned with areas where the UK is well-placed to deliver the greatest support “through the export of goods and services”.

“Construction could be a key focus, both in terms of materials such as specialised machinery – which is already our top export – and services, with skilled workers going out to Ukraine and supporting construction works,” Mr. Forgione added. “Financial services is another key area we could expect to be prioritised, with funding and access to capital crucial for reconstruction. Vital products such as food and medicine could also be covered as Ukraine begins its journey to recovery.”

UK Ukraine trade deal – About Ukraine

UK Ukraine trade deal

UK Ukraine trade deal – About Ukraine

UK Ukraine trade deal -what is the potential of this trade deal for the UK and Ukraine? The great thing about the UK Ukraine trade deal from both countries perspective is that these two countries both produce a lot of what the other wants to buy. The best example is food, Ukraine is major exporter of commodity foods such as grain and the UK is a major importer of food, so the UK Ukraine trade deal can be a major help to the economy of both countries.

The major exports of Ukraine are agricultural products, IT services, iron and steel, chemicals, food and fertilizers. The major imports of Ukraine are computers, medical equipment, plastics, machinery and some foods.

The UK’s main imports are food, cars, heavy machinery, clothes, manufactured goods and electric goods.

A more detailed article about the Ukraine economy can be found on our website here.

Ukraine agriculture and IT powerhouse

UK Ukraine trade deal – Other resources

Other information about the UK Ukraine trade deal can be found here:

https://www.computerweekly.com/news/365532996/UK-signs-digital-trade-deal-with-Ukraine

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UK Ukraine trade deal