Ukraine and United Kingdom conclude agreement on digital trade
On Mar. 20, 2023, the signing ceremony of the agreement on digital trade between Ukraine and the United Kingdom of Great Britain and Northern Ireland took place. The agreement provides a legal framework for the increased development of the digital economy — from e-commerce to cybersecurity — and trade in digital products and services between Ukraine and the UK. “This is a new generation of trade agreements — focused primarily on preventing barriers in the future. It is important because world countries are increasingly regulating the digital sphere. For Ukrainian IT companies, maintaining free access to markets is a basic condition for further development,” the message of the Ministry of Economy of Ukraine reads. It is noted that Ukraine became the second country in the world [after Singapore] to sign the Agreement on Digital Trade with Great Britain.
In particular, the agreement provides for the non-application of customs duties (but freedom of taxation) in digital trade, maintenance of the general legal framework for electronic transactions, the conclusion of contracts electronically, electronic identification, paperless trade, protection of personal information, etc. More than two-thirds of British export services to Ukraine are already provided digitally.