Britain and Ukraine formally sign digital trade agreement, promise to help Ukraine rebuild

China News Service, March 20 (Xinhua) According to Agence France-Presse, on the 20th local time, the United Kingdom and Ukraine formally signed a digital trade agreement to help Ukraine obtain financial services that are “critical” to its reconstruction work.

According to reports, the British Department of Commerce and Trade stated that this agreement facilitates cross-border data flow between the two countries, allowing Ukrainian companies to trade with the UK more efficiently and cost-effectively through electronic transactions, electronic signatures and electronic contracts.

Data map: British Trade Secretary Cammy Badnock.

“Today’s historic digital trade agreement will pave the way for a new era of modern trade between our two countries,” UK Trade Secretary Cammy Badnock said in a statement.

It is reported that the agreement was reached when the Ukrainian minister met with 200 top executives of British multinational companies in London, England, to discuss the future reconstruction plan of Ukraine.

The Department of Business and Trade said digital trade was particularly important in the current situation as damage to infrastructure in Ukraine made physical trade “more difficult”.

The ministry also stated that digital tools and technologies will assist Ukrainians to obtain daily vital goods and services.

Badnock said the UK had committed to extending the tariff-free measures for all Ukrainian imports until March 2024.