Britain to cut Ukraine tariffs to zero to help its economy

By: 2 years ago

Britain to cut Ukraine traiffs to zero to help its economy

Ukraine’s President Volodymyr Zelenskiy and British Prime Minister Boris Johnson walk along a street after a meeting, as Russia’s attack on Ukraine continues, in Kyiv, Ukraine April 9, 2022. Ukrainian Presidential Press Service/Handout via REUTERS

LONDON — All tariffs on goods coming to Britain from Ukraine under an existing free trade deal will be axed to help the Ukrainian economy, the British government announced on Monday.

London said tariffs would be reduced to zero and all quotas removed following a direct request from Ukraine’s President Volodymyr Zelenskiy, saying the move would provide a boost for Ukrainian businesses involved in key exports such as barley, honey, tinned tomatoes and poultry.

“We stand unwaveringly with Ukraine in this ongoing fight and will work to ensure Ukraine survives and thrives as a free and sovereign nation,” said British International Trade Secretary Anne-Marie Trevelyan.

Britain said currently the average tariff on Ukrainian imports was about 22%. It said the planned change had been offered on a non-reciprocal basis, but Kyiv was likely to match the British action.

Additionally, the British government said it would also impose further export bans on products to Russia, including cash, maritime goods and technology, and energy-related goods. Last week, it ramped up sanctions on luxury goods including caviar, silver and diamonds.