Johannesburg,South Africa

The British government has announced on Friday that will extends tariff-free trade with Ukraine with five years more up until 2029.

The extension agreement was signed by UK Trade Minister Greg Hands and Ukraine's First Deputy Prime Minister Yuliia Svyrydenko in a virtual ceremony.

The extension of this agreement would help the Ukrainian economy which is struggling due Russian invasion which started on February 2022.

Britain is trying by all means to keep the Ukraine economy on its feet despite an ongoing war which impacts negatively that Eastern Europe country.

The statement said the commitment forms part of the UK's efforts to support Ukraine following Russia's full-scale and illegal invasion,which has disrupted supply chains and transport routes and impacted Ukraine's ability to export goods.

The statement added that the UK was the first country to remove tariffs on all its trade with Ukraine two years ago.Today's announcement to significantly extend this existing agreement sees the UK continue that leading role,giving Ukrainian businesses and exporters much needed economic support and certainty.

Hands has promised that the UK government will stand by side of Ukraine as long as it takes and will support Ukraine against Vladimir Putin's illegal invasion.

"This agreement provides much needed long-term economic support to Ukraine,its businesses and people - critical to its recovery from Putin's illegal invasion.

The UK will continue to do everything in its power to support Ukraine's fight against Putin's invasion,for as long as is needed,"said Greg Hands,UK Minister for Trade Policy on Friday.

Hands' statement was echoed by even the British Chambers of Commerce official and maintained that agreement will bolster trade between two countries.

"The extension of zero tariff trading terms for a further five years for qualifying goods is a welcome development.It plays a vital part in helping Ukraine's economy at a time when they are under huge pressure,easing supply chain access.

Alongside the Digital Trade Agreement,which aims to bolsters e-commerce trade between our countries,this extension will boost opportunities for Ukrainian business in key sectors such as oils,grains and other agri-foods,"said William Bain,Head of Trade Policy in British Chambers of Commerce.

Following the Russian invasion of the Ukraine territory,UK government in May 2022 chose to scarp all tariffs under the UK-Ukraine Free Trade Agreement and that agreement is expected to expire next month on March 2024.

That kind of agreement between UK and Ukraine was supported and adopted by the European Union and other partners.

The new agreement will cover all goods for a period of five years excluding eggs and poultry which will be extended for two years.

Even the UK businesses will benefit immensely in this agreement because will exports to Ukraine without paying tariffs.

UK has raised over US$60 billion through its initiative called Ukraine Recovery Conference which was held in London which is aimed to strengthen international support for Ukraine's recovery and reconstruction.

UK and EU pours more aid for Ukraine

The UK Prime Minister,Rishi Sunak during his surprise visit in Kyiv on January of this year made new commitment of £2.5 billion in military aid for Ukraine for the 2024/2025,and there is an increase of £200 million compare with two previous years.

On 1 February 2024,the European Union member states reached an agreement on an additional €50 billion in support of Ukraine.

The new EU's package will run for a period of three years from 2024 to 2027,and this new funds can be used for recovery and reconstruction and to pay wages of public servants such as hospital staff and civil servants.

But €33 billion of that package is a long-term loan and the remaining €17 billion comprises grants which will be contributed by all 27 EU member states proportionally.