London, United Kingdom – Britain will Wednesday reach a digital trade deal with Ukraine, whose economy has been ravaged by Russia’s invasion.
UK Trade Secretary Kemi Badenoch and Ukrainian Economy Minister Yulia Svyrydenko will meet in London to unveil the deal, the government said in a statement.
The accord will guarantee access to the UK’s financial services industry, helping reconstruction efforts and establishing closer cooperation on cybersecurity and emerging technology.
“Trading digitally is particularly important in the current conflict, where damage to Ukrainian infrastructure and warfare makes it much harder to trade physically,” the statement added.
“Digital tools and technologies will help Ukrainians access everyday vital goods and services during the war.”
The agreement comes after London slashed tariffs on all Ukrainian goods to zero under a free trade deal with the war-torn nation.
“The landmark digital trade deal agreed today between our two countries paves the way for a new era of modern trade between us,” said Badenoch.
“This agreement will mean our businesses and governments can collaborate even more and ensure Ukrainians have access to essential goods and services digital trade opens up.”
The UK had inked a similar accord with Singapore earlier this year, and signed a memorandum last week to boost cooperation in financial technology.
Britain has pursued a series of commercial deals outside Europe following its exit from the European Union at the start of last year.
It has chased new trade agreements particularly for the financial services sector, which was not covered by a post-Brexit EU deal.